Etisalat Says Working Toward Reaching Definitive Deal on Zain

Emirates Telecommunications Corp. said there were delays in Zain providing access to all relevant information that was required for Etisalat to complete its due diligence process to buy a controlling stake in the Kuwaiti phone company.

“The parties do continue to work towards the announcement of a definitive transaction,” Etisalat said in an e-mailed statement today. “Etisalat will inform its stakeholders with the progress of the proposed transaction in due course.”