Kuwaiti-based Zain has said it has not received any offers for its African mobile networks despite reports that it is in talks with three major international operators.”There are no current offers and the company will inform the bourse’s administration with any new information that may come up regarding this issue,” Zain said in a statement to Kuwait’s stock exchange, reports Dow Jones Newswires. Kuwait’s Al Anbaa newspaper had earlier reported that France’s Vivendi, Orange-owner France Telecom and the UK’’s Vodafone Group were all in talks regarding Zain’s African assets, though none of the firms involved have confirmed details. Zain announced last July is it looking at its options in Africa, including a possible sale of its networks there. The assets are valued at as much as US$12 billion. 

The reports suggest that a sale may have been prompted by the resignation of CEO Dr Saad Al Barrak, who announced last week he was stepping down from the role without giving reasons. According to a research note by Credit Suisse last week, the resignation may mean Zain’s board is more inclined to sell assets and distribute cash. Adding to the uncertainty at the firm is the ongoing efforts to sell a 46 percent stake in the parent to a consortium led by the Kharafi Group, one of its main shareholders, which has been ongoing since last September. The deal is valued at US$13.7 billion, making it one of the largest transactions ever in the Gulf region. The Kharafi Group may push for the sale of the company’s African assets due to the stalled process of selling the 46 percent stake, Credit Suisse said.