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Bharti Slips in Mumbai on Talks With Tanzania on Zain Stake

Discussion in 'Biashara, Uchumi na Ujasiriamali' started by Invisible, Apr 19, 2010.

  1. Invisible

    Invisible Admin Staff Member

    Apr 19, 2010
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    By Sam Nagarajan

    April 19 (Bloomberg)

    Bharti Airtel Ltd. fell as much as 2.2 percent in Mumbai trading as it held talks with Tanzania’s government and the African nation’s Finance Minister Mustafa Mkulo said April 16 in an interview that the government, which has a 40 percent stake in Zain Tanzania, is keen “to know the future.” Shares declined 1.4 percent to 300.50 rupees as of 9:06 a.m. Indian local time
  2. Semilong

    Semilong JF-Expert Member

    Apr 19, 2010
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    CAPITALS: Bharti Airtel Ltd., which has offered nine billion US dollars for 15 of Kuwaitـbased Zain''s African units, is in talks with Tanzania''s government over its stake in Zain Tanzania, reported Bloomberg.

    "Tanzania''s government has a 40 percent stake in Zain Tanzania, and the government is keen to know the future" of the unit that country when Bharti becomes "the new majority shareholder" the country''s Finance and Economy Minister Mustafa Mkulo said on Friday in a telephone interview from Dodoma, the country''s capital. The Republic of Congo said on April 12 it retains the right to block the transfer of Zain''s license to Bharti. The Republic of Congo''s government was not consulted and this was a violation of the country''s laws, it said in a statement from the capital, Brazzaville.

    The government of Gabon has also objected to the deal, Consumer News and Business Channel (CNBC) TV18 reported on March 29. Negotiations are progressing, Mkulo said, declining to comment on the specifics of the discussions.

    Meanwhile, Zain Chief Executive Officer (CEO) Nabil bin Salama assured that "everything is okay" regarding the Zain Africa assets sale to Bharti, and that the two parties are advancing in the process leading up to the final signings and sale procedure. Bin Salama said in a statement to the press that Zain and Bharti are currently holding discussions with organizational and monitoring parties in the African nations in order to attain the necessary approvals for the deal. He added that Zain has an amicable and agreeable relationship with the countries, which will hopefully aid in facilitating and accelerating the process.