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Zain Saudi Arabia Q2 revenue increases by 107% to SAR 1.5 billion
18 July 2010Zain KSA announced significantly increased revenues for the 3 months ending June 30, 2010, a milestone in its investment in the Saudi market. The company has now reached a remarkable break-even point for profit before interest on its Murabaha loan, taxes and depreciation (EBITDA) for the second quarter of 2010, within a period of only 22 months since commencing operations in August 2008.
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Zain Group announces senior management changes and appointments
10 June 2010Zain Group announces comprehensive restructuring of its executive management and new appointments to meet the new challenges and direction of the company. This follows the recent sale of its African operations to Bharti Airtel, thus requiring the company to adapt to the dynamic nature of its Middle East markets, namely in Kuwait, Bahrain, Jordan, Iraq, Lebanon, Saudi Arabia, and Sudan where it serves over 31 million customers.
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Zain appoints new CEO for its Iraq mobile operation
09 June 2010The Board of Directors of the Zain Group announces the appointment of Mr Emad Makiya, Chief Executive Officer of Zain Iraq, effective June 15, 2010. Makiya holds a Bachelor Degree in Information and Computer Systems and from the University of Houston, USA.
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Zain concludes the sale of its African operations to Bharti Airtel
08 June 2010Mobile Telecommunications Company KSC (“Zain”) is pleased to announce that it has now satisfied all required conditions precedent to closing of the sale of 100% of Zain Africa BV (“Zain Africa”) to Bharti Airtel Limited (“Bharti”). This transaction values Zain’s African portfolio (excluding Sudan and Morocco) at US$10.7 billion on an enterprise basis.
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Update on sale of Zain Africa BV to Bharti Airtel Limited
27 May 2010Zain announces today that Bharti and Zain are proceeding to completion and Bharti Airtel has begun drawing down to fund the completion proceeds for the sale of Zain Africa BV.
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Zain announces 2010 first quarter financial results
13 May 2010Zain announces today its consolidated financial results for the quarter ended 31 March, 2010. For the first quarter of 2010, the Zain Group recorded consolidated revenues of KWD 329.7 million (US$ 1.146 billion), an increase of 11% compared to same period in Q1-2009. The Company’s consolidated EBITDA reached KWD 139.2 million (US$ 483.7 million), EBIT of KWD 99.4 million (US$345.6 million) and net income reaching KWD 51.55 (US$ 179.1 million).The earnings per share reached 13 fils (US$0.05).
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Details of and invitation to the 2009 Zain Annual General Assembly in Kuwait
13 May 2010It gives pleasure to the Board of Directors of Mobile Telecommunications Co. (Zain) K.S.C. to invite the Company's shareholders to attend its Ordinary and Extraordinary General Assembly Meeting which is to be held at 10:30 a.m. on Thursday 27/05/2010, at the Company's premises (Headquarter) - Shuwaikh, Airport Road, Ground Floor – in order to discuss the agenda of the Ordinary and Extraordinary General Assembly.
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Zain Group announces changes in operational management in Iraq
11 April 2010The Zain Group announced today that the management of its Iraq operation, Zain Iraq, will henceforth fall under the direct supervision of the Group’s Chief Executive, Mr Nabeel Bin Salamah. The former Zain Iraq CEO, Mr Ali Al Dahwi, has been appointed special advisor on Iraq for the Zain Group.
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Zain announces full year financial results for 2009
01 April 2010Zain announces its consolidated financial results for the twelve months ending December 31, 2009. The results showed significant growth in many key indicators when compared to the corresponding 12 months in 2008.
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Zain announces the US$10.7 billion sale of its African operations to Bharti Airtel
30 March 2010Further to the statement made on 25 March 2010, Mobile Telecommunications Company K.S.C (“Zain”) announces today the signing of definitive agreements for the sale of 100% of Zain Africa BV, its African business excluding its operations in Morocco and Sudan (”Zain Africa”), to Bharti Airtel Limited (“Bharti Airtel”), for an Enterprise Value of US$10.7 billion. The transaction implies an equity value of US$9 billion and consideration will be fully satisfied in cash, of which US$8.3 billion will be paid upon closing and US$0.7 billion will be paid one year from closing. Bharti Airtel will assume US$1.7 billion of consolidated debt obligations.
For all press releases prior to December 31, 2009, please visit the archives page from the link below