KUWAIT, July 14, (Agencies): Kuwaiti telecom firm Zain is open to investing in communications and the Internet in the Middle East, its chief executive said in remarks published on Wednesday.
The state news agency KUNA quoted Nabil bin Salama as saying the company’s profits for the first half will be “good.” He did not provide any figures.
Zain sold most of its African assets to India’s Bharti Airtel in a $9 billion deal last month. It overhauled its management in line with its new strategy to concentrate on Middle East operations.
Bin Salama said Zain was interested in acquiring the telecoms company it operates in Lebanon, MTC Touch, if the government decides to sell it.
The mobile tele-communication company, Zain, is ready to launch more investments in the communication and cyber domains in the Middle East, the group Chief Executive Officer said.
Nabil Bin Salamah, in a statement to journalists on sidelines of an honoring gathering held by the company for distinguished students, said profits of the company in the first half of this year were “good,” affirming readiness to acquire the Zain-run company in Lebanon in case it was privatized.
Zain was the first company to inject cash liquidity into the Kuwaiti financial market, at a value exceeding KD 650 million, amid hard economic conditions, he said, affirming that the company does not interfere in pricing its stocks at the Kuwait Stock Exchange (KSE).
Shares of the company are priced on the basis of the demand and supply in the KSE trading, Salamah elaborated, affirming that its financial status was solid following sale of its stakes in Africa.