Kuwaiti telecom operator Zain on Thursday described reports that it is looking to sell transmittor towers in some of its markets as "inaccurate and misleading". In a statement to stakeholders, the company said it "has invested and still is investing heavily in expanding and upgrading networks across all its operations".
It added: "The examination of a new tower related business model is in its very early stages and to date there is no decision on whether we will make any changes to our current business model in any or all of our operations.
"Zain Group management is regularly considering new business opportunities and business models that increase shareholder value." On Wednesday, it was reported that Zain, which owns controlling stakes in mobile companies in Kuwait, Iraq, Sudan, South Sudan, Bahrain and Jordan, plus 37 percent of Saudi Arabia's No.3 operator Zain Saudi, and also has a management contract to run Lebanon's Touch, had appointed advisors to advise it on its tower business.
"We have appointed advisors to advise us on the best business model for Zain, whether it's tower sharing or sale and leaseback of towers across some of our operations," Zain was quoted as saying in a statement. "It's early stages. To date, there is no final decision on whether we will sell or form a tower company in any of our operations."