Etisalat says Zain buy-in 'still on'

Dubai: UAE telecommunications provider Etisalat said on Sunday that it still wants to buy a 46 per cent of Kuwaiti rival Zain despite speculation it might consider taking a smaller stake.

Etisalat last month agreed to acquire the stake for $12 billion (Dh44.2 billion) from a group of investors led by Kuwaiti conglomerate Kharafi Group, but the deal has faced opposition from some smaller shareholders.

Media reports have suggested Etisalat might agree to buy only 40 per cent in light of the opposition.

Abu Dhabi-based Etisalat dismissed such speculation Sunday, saying the "46 per cent conditional deal is still on."

It didnt provide details or say when the deal might be sealed.