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Kuwait's Agility in $250 mln Iraqi Kurdistan
telecom option
25.9.2007
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September
25, 2007
KUWAIT, -- Kuwaiti logistics provider Agility
(AGLT.KW: Quote, Profile, Research) said on Tuesday
it agreed a $250 million option to buy a stake in
Iraq's Kurdistan Korek Telecom as Agility seeks to
diversify away from its core business.
Agility's Dubai-based private equity unit, Alcazar
Capital, agreed a "strategic" partnership with
Erbil, Kurdistan-based Korek, Agility said in a
statement on the Kuwaiti stock exchange Web site.
The purchase would provide Korek with "financial,
administrative and operational flexibility that
would enable it to focus on fulfilling the terms of
Iraq's mobile licence contract," Agility said.
The two companies still have to reach final
agreement on the transaction, it said without
elaborating on the nature of the option.
Agility set up Alcazar this year to make
acquisitions as part of a strategy to reduce its
reliance on contracts with the U.S. military to
supply troops in Iraq and Afghanistan, its main
source of income. |
Korek cell operate in
Iraq’s Kurdistan region |
"We have such a strong network, especially in
emerging markets, and quite often see very strong
and lucrative business opportunities ... outside our
core business," said an Agility spokeswoman.
The planned stake in Korek would help the telecoms
company hold a planned initial public offering
within four years as its licence requires, Agility
said without elaborating.
Reuters
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