The dish on Etisalat
Troubling times for Etisalat DB, but Etisalat itself may be one step closer to sealing the deal with Zain, not to mention getting Etisalat TV broadcasted all over the place.
February 10, 2011 2:37 by Eva Fernandes
Etisalat has just announced that is has beaten analysts’ forecasts by posting a flat profit for the fourth quarter. Etisalat’s quarterly net profit was 2.03 billion dirhams ($552.7 million), up slightly from 1.99 billion dirhams a year earlier, according to Reuters calculations – the news wire used the companies previous financial statements to calculate the figures.
In the latest development of the long drawn out saga that is Etisalat’s bid to buy a 46 percent stake in Zain (seriously, Kipp is getting tired of reporting on this) Bahrain Telecommunications Co (Batelco) has made an offer to buy the Saudi telecoms assets of Zain. This offer is good news for Etisalat, because due to regulatory reasons, Zain has to sell its stake in Zain Saudi before it can sell the 46 percent stake to Etisalat. Peter Kaliaropoulos, Batelco Group chief exec, said “Our offer remains valid till February 16, 2011.”
So could we actually be one deal closer to seeing the Etisalat-Zain aquisition? For the sake of certain business websites, we surely do hope so, then we can forget about telcos for a while.
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