Mar 15 2009 |
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Zain takes stake in Wana
KUWAIT: Kuwait's Mobile Telecommunications Co (Zain) said yesterday it would pay $324 million for a 31 percent stake in telecom firm Wana , a unit of Morocco's biggest conglomerate ONA. " Zain in a 50/50 partnership with Al Ajial Investment Fund Holding...has agreed to invest through a newly established joint venture...$324 million in return for 31 percent of Wana ," a Zain statement said."With 22.5 million mobile customers representing about 70 percent penetration, Morocco is an exciting new region for Zain to extend our footprint to 23 countries," said Saad Al-Barrak, chief executive officer of Zain , in the statement.
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