Securities Group Won't Block Zain Stake Sale to Etisalat, Chairman Says

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.

Securities Group said investors holding 22 percent of Mobile Telecommunications, known as Zain, were left out of the planned deal.

Al-Mousa said Emirates Telecommunications, known as Etisalat, should safeguard the interests of all Zain shareholders, adding that Etisalat was not in talks with his company. Al-Mousa said the offer by Etisalat is fair and declined to identify the shareholders he represents.

To contact the reporter on this story: Inal Ersan in Dubai at iersan@bloomberg.net

To contact the editor responsible for this story: Shaji Mathew at shajimathew@bloomberg.net

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