Yesterday, UAE telecom operator Etisalat has alleged that a majority stake in Kuwait's Zain valued at $12 billion will be purchased as offered for which there is extension in its limit.

Etisalat has declared in a report released in Abu Dhabi that after the declaration of a perfect deal, the work will be resumed.

Etisalat had alleged in November that if both parties are unsuccessful to enter a perfect deal by January 15, then there will be cancellation of buying offer.

It has alleged that unforeseeable interruption in Zain deal has been the cause of scarcity towards completion of the Proposed Transaction in order to meet the limit. Etisalat will be receiving all significant data to finish its unfinished diligence.

It has been expected that the data will be reported to stakeholders without applying a new limit. Yesterday, its agent National Investment Co had made sure that the deadline has been increased after the opening agreement was signed between Kuwait's Kharafi Group and Etisalat.