Securities Group Co., a Kuwait-based investment management firm, said it will not seek to block a bid by Emirates Telecommunications Corp. to buy 46 percent of Mobile Telecommunications Co., Chairman Ali al-Mousa said today to Al Arabiya television.
Emirates Telecommunications Corp., the United Arab Emirates’ phone company known as Etisalat, did not present any proposal or make a bid to acquire a stake in Zain, the biggest phone company in Kuwait. Etisalat made the announcement in a statement to the Abu Dhabi bourse today.
Cleary Gottlieb Steen & Hamilton LLP opened an office in Abu Dhabi yesterday after receiving a license from the Abu Dhabi Executive Council. Partner Gamal Abouali, who was based in Paris, has relocated to Abu Dhabi to head the office.
Vivendi SA, the French company seeking to reorganize its telecommunications-to-media structure, is targeting a completion of the sale of its Maroc Telecom SA stake by October, according to people familiar with the matter.
Vivendi SA is in exclusive talks to sell its stake in Moroccan phone company Maroc Telecom SA to Emirates Telecommunications Corp. for 4.2 billion euros ($5.5 billion) as the French company sharpens its focus on media.