Africa: Crossed Lines Over Zain`s Sale of African Operations

source: allAfrica
Ghanaian Chronicle (Accra)
Daniel Nonor
7 July 2009

Conflicting messages are coming out of the Middle East about how seriously Zain is considering selling its pan-African networks. But Zain seems to have been trying to boost the idea of it selling its African operations (minus Sudan).

Last week, the Kuwait-based cellular operator said it was working with Swiss bank UBS and other advisers, to study and review its strategy to boost shareholder value during the financial downturn.

Its shares climbed 5,1% to an eight-month high as investors took that to imply it is serious about shedding its operations in 16 African countries. Initial rumours published in Kuwait had cited the French company Vivendi as discussing a $12bn buyout.

Zain’s statement, published on the Kuwaiti Stock Exchange last week, did not say if it was specifically reviewing its African arm. But it did say the statement was being made in [continue reading]



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