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Econet moves to block Zain Nigeria's sale
Econet Wireless Group (EWG) has started moves to block Zain's sale of its interests in Zain Nigeria until ruling on a dispute over ownership of the company is passed.
Adebayo Ligali, CEO, Zain Nigeria
In a statement, a spokesperson for Econet confirmed that following media reports that Zain was trying to sell its African operation, its lawyers, Freshfields of London, had since written to Zain's lawyers reminding them that they could not offer for sale shares whose ownership is in dispute, and is the subject of litigation in a number of international jurisdictions, and in particular the United Nations Commission on International Trade Law arbitration. Econet is claiming its pre-emption rights were breached when its predominantly Nigerian partners decided to sell their shares in V-Mobile to Zain in 2006.
Last week media reports indicated that the Zain Group, the Kuwaiti based mobile telecommunication company with operations in 22 countries in Middle East and Africa, may agree to a deal to sell its African operations to a French company for up to USD 12 billion.
