Zain Bahrain, a leading telecom services operator in the Kingdom, has got Cabinet approval to go ahead with an initial public offering (IPO) offering 15 per cent of its shares, the company said in a statement.

Chairman Shaikh Ahmed bin Ali Abdulla Al Khalifa welcomed the decision of the Cabinet, chaired by His Royal Highness Prime Minister Prince Khalifa bin Salman Al Khalifa on Tuesday, to prepare the market for an IPO, reported the Gulf Daily News, our sister publication.

"The decision of the Cabinet to allow Zain Bahrain to float an IPO is a sign of the liberalisation of Bahrain telecoms sector, which has led to excellent economic growth and development for the kingdom," Shaikh Ahmed said.

"The telecoms sector has been nurtured by the Telecommunications Regulatory Authority with care and vision, which has developed Bahrain into a competitive market," stated Shaikh Ahmed.

"The country has developed an excellent pricing structure and affordable offers for customers and technological development of the sector has kept it on par with other leading countries," he noted.

"This climate of liberalisation has helped Zain Bahrain to lead the sector with innovation and the latest technology, and 4G will have a dramatic impact for the better on the company's home broadband and mobile services," said Shaikh Ahmed.

"The Cabinet decision is also a signal that the time is right for an IPO and the market is ready. The strategy shows that Zain Bahrain shares a common vision and purpose with the kingdom's vision," he added.-TradeAraba News Service