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Zain Africa not for sale: CEO
By siliconindia
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Bangalore: Chris Gabriel, the CEO of Zain Africa, has said that the company's African operations are not for sale. Kuwait's biggest phone carrier is planning to become one of the top 10 global mobile operators by 2011.
Zain has dropped its plans to sell its operations across 13 African nations at the request of potential buyers of a stake in the company, Gabriel said. In September 2009, Kuwait's Kharafi Group and its National Investments Company had planned to sell a 46 percent stake in Zain. The stake, worth $13.7 billion, was to be sold to a group led by India's Vavasi Group and Malaysian billionaire, Syed Al-Bukhary. India's state owned telecom operators, MTNL and BSNL were also mulling over the purchase of a controlling stake in Zain for $14 Billion.
Paris-based Vivendi, owner of phone companies SFR and Maroc Telecom, was also interested in acquiring majority stake in Zain Africa, formely called Celtel. The talks fell through after the parties failed to agree on the price.