Etisalat said it is making good progress on its proposal to acquire 51 per cent of the total issued share capital and voting rights (excluding shares held in treasury but including all shares which may be issued pursuant to the exercise of any options) in Mobile Telecommunications Company LLC ("Zain") ("Proposed Transaction").

It added in a statement that Etisalat’s due diligence effort has recently accelerated, and Etisalat values the continuous and positive cooperation of Zain. In addition, Etisalat’s discussions with eighteen international and regional banks regarding the financing required to complete the Proposed Transaction continue, and it remains highly confident that it will be able to secure the necessary financing.

"Etisalat is delighted with the recent progress in the due diligence process and wishes to reach a final agreement as soon as practically possible" Etisalat Chairman Mohammed Omran said.

The final progress and the results on the Proposed Transaction are to be presented after the due diligence completion review to Etisalat Board of Directors by the end of February 2011. Etisalat will keep its stakeholders posted about the progress.

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