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| Sector | Industry |
Telecommunications |
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| Kuwait (9) |
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Contact Details
Address:
Mobile Telecommunications Company Building
Airport Road Shuwaikh Area P.O. Box 22244 Kuwait City Safat 13083 Al Assimah Kuwait Tel: +965 2464-4444 Fax: +965 2464-1111 Email:
info@zain.com
Website:
www.zain.com M&A Details
Acquistion
Status
Cancelled
Acquirer
Target
Announcement Date
29 Mar 2011
Closing Date
29 Mar 2011
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Business Overview
The Kuwait-based Mobile Telecommunications Company (Zain Group) owns and operates mobile and Internet telecommunication networks through its subsidiaries in Kuwait, Saudi Arabia, Bahrain, Lebanon, Jordan, Iraq, Sudan and Morocco.
Zain Group sold Zain Africa BV for KWD3 billion (USD10.7 billion) to India-based Bharti Airtel Limited, in June 2010. The deal was comprised of Zain’s operations in 15 African nations, excluding its Morocco and Sudan interests. The sale of the Group’s African assets affected simultaneously the number of the group subscribers and its financial results; group subscribers dropped by 48% to 37.2 million, by the close of 2010. Zain Group’s total annual revenues increased by 7% to KWD1.35 billion (USD4.77 billion) and its net profits grew by 445% to KWD1billion (USD3.75 billion), in 2010.
Representatives
Auditors
Banks
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