Zain Group forced to deny possible sale of towers across markets

Zain Group today issued a statement in which it sort to make an official comment on what it described as misleading media reports. The points it sought to address are as follows:

1. The media reports that infer Zain is seeking to sell towers in several of the markets it operates are inaccurate and misleading   

2. Zain Group management is regularly considering new business opportunities and business models that increase shareholder value

3. Over the years Zain has invested and still is investing heavily in expanding and upgrading networks across all its operations, and like many other well-managed operators across the region is always assessing more efficient practices in optimising networks

4. The examination of a new tower -related business model is in its very early stages and to date there is no decision on whether Zain will make any changes to its current business model in any or all of its operations

5. Should Zain’s management wish to undertake any changes in its tower business model in any of its markets, and should it receive board of directors’ approval to do so, it will seek regulatory approvals from the relevant authorities in each country before doing so.

6. As a listed company on the Kuwait Stock Exchange, and in two other markets as well, Zain will also advise all stakeholders in a timely manner when and if such ever occurs.