Mobile operator Zain said its Bahraini unit has finally received the go-ahead from the country's government to launch an initial public listing, although the company's financial position suggests that this may be an inopportune time to go public.
According to Reuters, Zain, which won a mobile licence in Bahrain in 2003, had planned an IPO in 2008, but the share sale was eventually abandoned. Since then the company has struggled to maintain its position in an increasingly competitive environment following the launch of third mobile operator Viva Bahrain in 2010.
Reuters reported that Zain Bahrain's net profit for the nine months to 30 September fell by more than half, and its revenue fell 5 per cent over the same period.
- see this Reuters article
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