February 23, 2009

Zain Plans $1.5 Billion Africa

Investment, Business Report Says

By Nasreen Seria, Bloomberg News

Feb. 23 (Bloomberg) -- Zain, the Kuwait-based phone company, plans to invest $1.5 billion in Africa to expand its existing networks, Business Report said, citing Chris Gabriel, chief executive officer of Zain Africa.

The company has up to three acquisitions in Africa that are close to being completed, Gabriel told the Johannesburg-based newspaper.

Zain raised $4.5 billion last year to fund acquisitions and to upgrade its existing networks, Business Report said.

To contact the reporters on this story: Nasreen Seria in Johannesburg at nseria@bloomberg.net