Etisalat wishes to update its investors on the status of its proposal to acquire shares representing 51% of Zain's total issued share capital and voting rights (excluding shares held in treasury but including all shares which may be issued pursuant to the exercise of any options) in Mobile Telecommunications Company LLC ("Zain"). (“Proposed Transaction”)
While the terms of Etisalat's updated offer relating to the Proposed Transaction that were previously disclosed provided that our offer would expire unless the parties were in a position to announce the definitive transaction agreements by 15 January 2011, the parties have not made sufficient progress towards completion of the Proposed Transaction in order to meet that deadline due to unforeseeable delays in Zain providing access to all relevant information which is required for Etisalat to complete its due diligence process. The parties do continue to work towards the announcement of a definitive transaction.
Etisalat will inform its stakeholders with the progress of the Proposed Transaction in due course.