Emirates Telecommunications Corp (Etisalat) is eyeing acquisitions as it seeks to benefit from falling prices in a financial crisis, potentially using its $3 billion in cash, a senior official said on Sunday. Like other Gulf Arab telecom firms, Etisalat has been snapping up assets worth billions of dollars in populous countries such as Egypt and Pakistan.
When asked about the cash position of Etisalat to finance possible acquisitions, Ahmad Julfar said: "We have over $3 billion."
"We are watching what's happening in the markets. We are not holding back but waiting to see what will happen," he told reporters on the sidelines of a conference in Dubai. "Everybody admits we have a major crisis...nobody is immune from this crisis, all sectors and economies will be affected in one way or the other," Julfar said. "Out of this crisis, great opportunities will come for operators with a very good financial position for mergers and acquisitions." Kuwait's Mobile Telecommunications Co (Zain) said earlier this month it plans to make four to five acquisitions worth up to $4 billion before 2010 to take advantage of declining asset prices due to the global credit crunch.
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