15 March 2009
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.
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.
© Kuwait Times 2009
