(MENAFN - Khaleej Times) Emirates Telecommunication Corporation, or etisalat, has not accepted to buy 40 per cent stake in Kuwait's telecommunication firm Zain.
Terming media stroies as 'rumours', a spokesperson for the telecoms giant said in the capital, "the 46 per cent conditional deal is still on - as agreed upon in the initial proposal."
The Abu Dhabi-based company on November 3 submitted a conditional offer to buy 51 per cent stake at a share price of 5.97 in Kuwait's telecommunication firm Zain. The transaction is likely to closed by the first quarter of 2011.
Kuwait's Khorafi Group, the leading private shareholder in Zain, signed a preliminary agreement to sell its 46 per cent stake in the company to etisalat. The Khorafi Group directly owns 12.7 per cent of Zain, but its share is believed amount to more than 20 per cent if indirect stakes are taken into account.
The 46 per cent is a controlling stake in Zain since 10 per cent of its equity are in treasury shares which do not have voting power.
My BusinessPlan launched
Meanwhile, etisalat on Sunday announced the introduction of 'My BusinessPlan' the most comprehensive, convenient and affordable postpaid business mobility package for enterprise and SMB customers.
Available for existing postpaid and prepaid customers, as well as new postpaid customers, the package promises to deliver an unmatched mobility experience, through enhanced convenience and increased savings.
The new 'My BusinessPlan' postpaid mobile service offers flexible package options for local and international calls, text messages and mobile data, in addition to an attractive advantage of getting a latest smartphone free or discounted.
"These new mobility packages offer the best value proposition in terms of business mobility services in the UAE today," said Abdulla Hashim, Senior VP, Business Solutions, Etisalat. "They will greatly reduce the total cost of ownership and increase business productivity by providing enterprises and SMBs with the requisite mobility tools of their choice for both voice and secure internet connectivity."
Best Middle East wholesale provider award
Etisalat has been named the best wholesale provider of telecommunications services in the Middle East for the third consecutive year at the annual Capacity Awards ceremony, which took place in Amsterdam, Holland.
The ceremony, which is organised by Capacity Media, recognised etisalat's leadership in providing 'smart services' and for developing its portfolio beyond the provision of transit and interconnection.
Ali Amiri, Executive Vice President, Carrier & Wholesale for Etisalat said: "This year Etisalat introduced its 'Smart Hub' - the region's most important hub for wholesale connectivity, applications and content. This facility enables us to provide access to a more sophisticated range of services including our roaming hub, and today our platform allows other operators to establish a network of 600 roaming partners around the world with the minimum of effort."
By Haseeb Haider