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Zain in exclusive discussions with Bharti over sale of Zain Africa BV
16 February 2010The Board of Directors of Mobile Telecommunications Company KSC, ‘Zain’, after its meeting on February 14, 2010, issued a resolution to accept a proposal received from Bharti Airtel Limited (“Bharti”) to enter into exclusive discussions until 25 March 2010 regarding the sale of its African unit, Zain Africa BV (“Zain Africa”). This proposal does not include Zain’s operations in Sudan or its investment in Morocco. Any decisions to distribute dividends or not reverts to the recommendation of the Board of Directors and the ratification of the General Assembly. Bharti’s proposal is currently subject to due diligence, customary regulatory approvals and signing of final transaction documentation. There can be no assurance that a transaction will be consummated. Further announcements will be made in due course.
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Zain statement on African Assets
14 February 2010“Zain has received an offer in relation to its operations in Africa excluding Morocco and Sudan. The Board of Directors of Zain will be discussing this proposal on Sunday 14 February 2010 at 12:30 PM Kuwait time. Further announcements will be made as appropriate.”
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Nabeel Bin Salamah appointed Chief Executive of Zain Group
15 February 2010Zain, the leading mobile telecommunications provider in the Middle East and Africa, announces that the Board of Directors of Mobile Telecommunications Company KSC, ‘Zain’, has appointed Mr Nabeel Bin Salamah as Chief Executive of the Group, effective Sunday, February 14, 2010. The Board of Directors state their confidence in the professional capabilities of Mr Bin Salamah in continuing the Company’s future direction and path in maximising shareholder value.
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Zain’s Board of Directors accepts the resignation of Dr. Saad Al-Barrak
04 February 2010The Board of Directors of Mobile Telecommunications Co. “Zain” held a meeting at 13:00 on Thursday, February 4, 2010 to discuss the resignation submitted by the company’s Managing Director and Vice Chairman, Dr. Saad Al Barrak. Following extensive deliberation among the board members, the resignation was accepted and will be effective March 1, 2010.
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Statement on Resignation of the Managing Director & Deputy Chairman, Zain Group
03 February 2010Mobile Telecommunications Co KSC trading as ‘Zain’ announces that Dr Saad Al Barrak, Managing Director and Deputy Chairman, Zain Group has submitted his resignation to Mr Asaad Al Banwan, Chairman of the Board of Directors of Zain. The Chairman will convene the Board of Directors at the soonest convenient time to deliberate on this matter. The company has notified the Kuwait Stock Exchange and will immediately inform all stakeholders on any future and relevant updates.
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Zain reaffirms its sound financial position, confidence in KSA market potential
26 January 2010Zain Saudi Arabia confirmed today that it had obtained waivers from the lenders of the Murabaha Islamic facility which the company had signed in August 2009, pointing out that the waivers are related to updated operational milestones for the fiscal year ended December 31, 2009. The company also stated that in addition it has agreed with the banks to provide them with updated quarterly milestones for year-end 2010.
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Statement on Resignation of the Managing Director & Deputy Chairman, Zain Group
03 February 2010Mobile Telecommunications Co KSC trading as ‘Zain’ announces that Dr Saad Al Barrak, Managing Director and Deputy Chairman, Zain Group has submitted his resignation to Mr Asaad Al Banwan, Chairman of the Board of Directors of Zain. The Chairman will convene the Board of Directors at the soonest convenient time to deliberate on this matter. The company has notified the Kuwait Stock Exchange and will immediately inform all stakeholders on any future and relevant updates.
For all press releases prior to December 31, 2009, please visit the archives page from the link below