Kuwaiti mobile telecommunication Company, Zain, says it is ready to expand business in the Northern African region with peculiar interest in launching into Tunisia, and a possible third telecom license in Libya.
Zain is also reviewing acquisition option as they arise in the region. It wants to buy smaller internet service providers and media companies to make it an “integrated” company and not just a telecoms player.
“Over the next three to five years, we want to become an integrated service provider. It is a slow process but we cannot be a mobile operator forever,” Zain CEO, Scott Gegenheimer said.
He reinstated this at the recent EFG Hermes London MENA conference (the largest MENA investor conference in the United Kingdom) recently, saying, Zain will focus on broad band and non-voice digital service as a strong growth area.
“We still want to grow inorganically and we are looking for opportunities in the Middle East and North Africa. These are some opportunities that strategically makes sense,” Zain CEO, Scott Gegenheimer said.
He added that the telecoms company is already receiving interesting opportunities in North Africa like Libya and Tunisia but it want a majority control.
“Anything less than 51 percent stake doesn’t do much,” Gegenheimer said.
Gegenheimer also stated that Zain wants to increase ownership in Wana, its subsidiary in Morocco where it owned a joint venture with Al Ajial Investment Fund.
It would be recalled that Zain was one of the major telecom player in Sub-Saharan Africa before it sold out most of its African business to Indian player, Bharti Airtel for $10.7 billion.
Today, it operates in eight Middle East and African countries including Sudan, South Sudan and Libya.
