Zain cuts sales forecast-CEO
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BEIRUT Nov 9 (Reuters) - Kuwait-listed Mobile operator Zain (ZAIN.KW) expects the global financial crisis and currency market turmoil to cut $1 billion from its forecast revenue of $9 billion this year, the company's chief executive told Reuters on Monday.
Saad al-Barrak also said Zain had held talks to buy Syriatel, the top mobile company in Syria, which is under U.S. sanctions, but the talks have been postponed for reasons he did not reveal.
"There was conversation, but we did not reach anywhere. This issue is now postponed," Barrak said.
Barrak, who is attending an International Telecommunication Union conference in the Lebanese capital, said Zain's revenue would reach $8 billion this year, compared with a previous $9 billion forecast and actual 2008 revenue of $7 billion.
"The financial crisis has changed the consumption patterns ... exchange rate differences have also been a main factor," Barrak said.
He said Zain, which is listed on the Kuwaiti bourse, would make a statement with profit figures in several days.
Barrak said he did not know as chief executive about the status of deal to acquire 46 percent of Zain by an Asian consortium.
Indian state-run telecom Bharat Sanchar Nigam Ltd [BSNL.UL], which is part of the consortium, said last week it may open direct negotiations for a stake in Zain if its exclusive talks as part of the consortium fail.
(Reporting by Khaled Yacoub Oweis; Editing by Hans Peters and David Holmes) Keywords: ZAIN/
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