Etisalat believes its US$10.5 billion (Dh38.5bn) offer to buy a controlling stake in Kuwaiti telecommunications operator Zain could be successful in a "number of weeks", the chairman of the company said in his first official statement on the deal.
Mohammed Omran, the chairman of Etisalat, said in a company statement that the firm is still working on the details of its acquisition of Zain and the deal will not impact its dividend payout to shareholders.
Last month, Etisalat offered to buy a 46 per cent stake in Zain for 1.7 Kuwaiti dinars per share in a move that would make the UAE telecommunications operator one of the largest in the world.
"We believe that this deal represents great value to our shareholders, however, we intend to confirm this value through detailed due diligence. We will not proceed unless such valuation is confirmed," Mr Omran said.
"Most of the reaction in Kuwait has been very positive, however, as in any high profile transaction, there is some opposition from some shareholders."
dgeorgecosh@thenational.ae
Elvis
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Like a Fading Shadow
Antonio Muñoz Molina
Translated from the Spanish by Camilo A. Ramirez
Tuskar Rock Press (pp. 310)
OPINIONS ON PALESTINE & ISRAEL
From Zero
Artist: Linkin Park
Label: Warner Records
Number of tracks: 11
Rating: 4/5
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Third Test, Day 1
New Zealand 229-7 (90 ov)
Pakistan
New Zealand won the toss and elected to bat
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Tiger:independent, successful, volatile
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Ox:diligent, perseverent, conservative
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Dragon:prosperous, brave, rash
Snake:calm, thoughtful, stubborn
Horse:faithful, energetic, carefree
Sheep:easy-going, peacemaker, curious
Monkey:family-orientated, clever, playful
Rooster:honest, confident, pompous
Dog:loyal, kind, perfectionist
Boar:loving, tolerant, indulgent
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