The Kuwaiti telecommunications operator Zain says it is confident of overcoming legal challenges raised in Nigeria to the proposed US$10.7 billion (Dh39.3bn) sale of its African assets.
Two minority shareholders of Zain Nigeria - Econet Wireless Holdings, a South African telecommunications company that holds 5 per cent of Zain Nigeria, and Broad Communications, which holds a 14 per cent stake in the unit - have filed law suits challenging Zain's 65 per cent ownership in Zain Nigeria.
The legal obstacles could block Zain's proposed sale of its African assets, excluding those in Sudan and Morocco, to India's Bharti Airtel. Bharti is India's largest mobile-telecoms company by subscribers and has been looking to expand in Africa, including making two earlier attempts at purchasing MTN Group, based in South Africa.
It is in exclusive talks with Zain until March 25 to make the purchase.
Yesterday, Nabil bin Salama, the chief executive of Zain, said he believed his company would overcome the legal challenges. "We are in a good position and we don't see a problem," he said.
The sale, if it goes ahead, will be one of the largest cross-border deals in the Middle East and a turning point in Zain's ongoing disposal plan.
Zain has more than 40 million subscribers in Africa, about 62 per cent of its client base. More than half of its $7.4bn of annual sales in 2008 came from Africa, but that market accounts for only about one third of its net earnings.
Analysts said the sale would help Zain concentrate on improving the value of its Middle Eastern assets, including its Saudi Arabian unit, which is in discussions with creditors after it failed to meet payments connected with a $2.5bn loan.
The controversy between the shareholders dates back to 2006, when Celtel, now called Zain, purchased a majority stake in a group called Vee Networks, now Zain Nigeria.
Econet Wireless was a founding shareholder of Vee Networks and claimed that its right of first refusal over the stake was breached in 2006, when its Nigerian partners sold their shares to Zain.
The South African firm has appealed to legal authorities, including an international tribunal operating under the auspices of the UN, for resolution of the dispute.
* with agencies
igale@thenational.ae
The Perfect Couple
Starring: Nicole Kidman, Liev Schreiber, Jack Reynor
Creator: Jenna Lamia
Rating: 3/5
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The specs
Price, base / as tested Dh135,000
Engine 1.6L turbo
Gearbox Six speed automatic with manual and sports mode
Power 165hp @ 6,000rpm
Torque 240Nm @ 1,400rpm 0-100kph: 9.2 seconds
Top speed 420 kph (governed)
Fuel economy, combined 35.2L / 100km (est)
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Astroworld
Travis Scott
Grand Hustle/Epic/Cactus Jack
Asia Cup Qualifier
Venue: Kuala Lumpur
Result: Winners play at Asia Cup in Dubai and Abu Dhabi in September
Fixtures:
Wed Aug 29: Malaysia v Hong Kong, Nepal v Oman, UAE v Singapore
Thu Aug 30: UAE v Nepal, Hong Kong v Singapore, Malaysia v Oman
Sat Sep 1: UAE v Hong Kong, Oman v Singapore, Malaysia v Nepal
Sun Sep 2: Hong Kong v Oman, Malaysia v UAE, Nepal v Singapore
Tue Sep 4: Malaysia v Singapore, UAE v Oman, Nepal v Hong Kong
Thu Sep 6: Final
Asia Cup
Venue: Dubai and Abu Dhabi
Schedule: Sep 15-28
Teams: Afghanistan, Bangladesh, India, Pakistan, Sri Lanka, plus the winner of the Qualifier
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THE DETAILS
Director: Milan Jhaveri
Producer: Emmay Entertainment and T-Series
Cast: John Abraham, Manoj Bajpayee
Rating: 2/5
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The Penguin
Starring: Colin Farrell, Cristin Milioti, Rhenzy Feliz
Creator: Lauren LeFranc
Rating: 4/5
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