UAE's leading telecom operator Etisalat said it was still working to complete a "definitive transaction" with Kuwait-based Zain, despite missing a January 15 deadline for due diligence.

Etisalat in its update on the status of its proposal to acquire 51 per cent shares in Zain said, "The parties have not made much progress towards completion of the transaction due to unforeseeable delays in Zain providing access to all relevant information required to complete its due diligence process."

"The parties do continue to work towards the announcement of a definitive transaction," the Etisalat said in it statement.-TradeArabia News Service