Etisalat updates investors on its proposal to acquire shares in Zain

Press release
Published January 16th, 2011 - 07:24 GMT
Etisalat
Etisalat

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.

Background Information

Etihad Etisalat (Mobily)

Etihad Etisalat (Mobily) is a Saudi company established in 2004. The Company’s major shareholders are Etisalat Emirates Group (27.99%) and the General Organization for Social Insurance (11.85%). The remaining shares are owned by institutional and retail investors.

 

Zain

Zain is the pioneer of mobile telecommunications in the Middle East. We began life in 1983 in Kuwait as the region’s first mobile operator, and since the initiation of our expansion strategy in 2003, we have expanded rapidly. Today, we are a leading mobile voice and data services operator with a commercial footprint in 8 Middle Eastern and Africa countries with a workforce of over 6,000 providing a comprehensive range of mobile voice and data services to over 50 million active individual and business customers as of March 31, 2019.

PR Contact

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Nahid Mudathir Hassan El Sayed
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