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Etisalat picked for Tunisie Telecom bid9 October 2005
UAE's telecom giant Etisalat has been short-listed as a potential bidder for a 35 per cent stake in Tunisie Telecom while a second contender from the UAE failed to enter the crucial round.
Yesterday, Tunisia announced the names of the 13 selected companies from the Middle East region and Europe for the next round of the auction that was expected to raise as much as $1.7 billion from the partial privatisation of the country’s largest telecoms carrier, Tunisie Telecom.
The participation by the two UAE companies for the Tunisie stake came to light only when Tunisian Prime Minister Mohamed Ghannouchi, during his recent visit to the Emirates, disclosed that apart from Etisalat another UAE-based firm was also in the race.
During his recent Dubai visit, the Tunisian Prime Minister did not reveal the name of the second bidder from the UAE, but said: "They are altogether 14 companies from the Gulf and Europe interested to take part in privatisation process of Tunisie Telecom. We are making the short list. There is clear Emirati interest. Two (UAE) companies have already submitted proposals." He named Etisalat, which is based in Abu Dhabi, and said the second firm was backed by the emirate of Dubai.
The Tunisian Telecommunications Ministry did not name the one unsuccessful party. Other bidders in the race from the Middle East region are from Bahrain, Kuwait and Saudi Arabia. Apart from Etisalat, other short-listed telecom leaders from the region are Bahrain’s Batelco, Saudi Oger, Saudi Telecom Company, Spain’s Telefonica, France Telecom, Telecom Italia, France’s Vivendi Universal and Portugal Telecom are among the 13 free to start due diligence.
Other successful candidates are France’s Bouygues Telecom, T-Mobile, Mobile Telephone Networks and Telecom Dig. “The quality and the number of operators highlighted the strong interest raised by the Tunisian telecoms industry and the whole country’s economy,” the ministry said in a statement quoted by agencies. Bouygues Telecom, France’s third-largest mobile operator, declined to divulge any further details about its participation in the auction. “The next step will be to decide whether or not we make an offer,” a spokeswoman said. Other potential bidders either declined to comment or were unavailable.
But one source close to the process said pre-selected companies would receive financial information on Tunisie Telecom over the next few days and will be invited to visit the company at the end of the month or in early November.
However, final bids might not be made until next year, another source close to the privatisation said, noting that it could take up to three months for all bidders to sift through Tunisie Telecom’s books.
Tunisie Telecom has a fixed-line telecoms monopoly, while its mobile phone business competes against Tunisiana, a joint venture of Kuwait’s National Mobile Telecom (Wataniya) and Egypt’s Orascom Telecom.
Etisalat, which is bracing for domestic competition after the UAE government said it was ready to licence a second operator, is trying to salvage a $2.59 billion deal to takeover management control of Pakistan's Telecommunication Corporation.
It is also exploring possibilities for a foray into the Egyptian market as part of its drive to reinforce its leadership in the neighbouring markets.
Source: Khaleej Times
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