Agility did not receive offer for Korek stake -paper

Agility did not receive offer for Korek stake -paper

The board of France Telecom was planning to meet on Wednesday to weigh taking a stake in Korek.

December 9, 2010 10:09 by Reuters

Kuwaiti Logistics firm Agility has not received an official offer from France Telecom for its stake in Iraq’s Korek Telecom, but welcomes any, its chairman said in published remarks on Thursday.

“Exiting is possible if the company receives a suitable price level that results in good revenue,” Tarek Sultan told Kuwaiti daily newspaper al-Watan.

France Telecom’s head Stephane Richard said that its board planned to meet on Wednesday to discuss buying a minority stake in the Iraqi firm, but said no decision had been taken yet.

Reuters reported on Monday that the board of France Telecom was planning to meet on Wednesday to weigh taking a stake in Korek.

Korek, Iraq’s third-largest mobile phone operator, obtained its national wireless licence in 2007 and has roughly 3 million customers.

Based in Iraq’s Kurdish-run north, Korek competes with larger rivals Zain and AsiaCell, which is partly owned by Qatar Telecommunications .

(Reporting by Kuwait newsroom; Editing by Reed Stevenson)