Zain plans London listing in first quarter of 2009

Nairobi/Kampala: Zain, the Kuwait-based phone company with operations in 22 Middle East and African countries, plans to list on the London Stock Exchange in the first quarter of 2009, as it eyes revenue of $7.2 billion, chief executive officer Sa'ad Al Barrak said.

The plan will allow more people to get a stake in the company's growing operations, Al Barrak told reporters Thursday in the Kenyan capital Nairobi.

Details of the company's first listing are still being worked out, he said.

Zain will begin an operation later this year in Ghana as part of agreements concluded with the western African country's government, Al Barrak said.

It will list on the Ghana Stock Exchange within two or three years, with Kenya and Nigeria to follow.

Zain expects revenue of $7.2 billion and earnings before interest, taxes, depreciation and amortisation (Ebitda) of $3 billion in 2008, Al Barrak said.

"We have targeted revenues of $7.2 billion this year and for the first time we will hit our target," Al Barrak said. "We hope to hit Ebitda of $3 billion."

Revenue in the first half of this year rose 26 per cent to $5.49 and core Ebitda grew 11 per cent to 350.2 million dinars ($1.3 billion).

The group, which was operating in 14 African countries as Celtel, last week re-branded all its operations to Zain as part of its bid to become one of the world's top 10 mobile-phone companies by 2011, Barrak said.

"By re-branding to Zain, we are bringing together our African and Middle East operations under a single, strong and unique identity," Barrak said.