According to its chief executive officer (CEO), Saad Al Barrak, the company which operates one of the two mobile networks has ruled out plans to participate in the privatization bids that will be auctioned by the government later during the privatization process.

“We were previously interested in acquiring one of the mobile licenses, but now we have lost this interest,” Barrak said.

The CEO said that the main reason for that is that working in the Lebanese market is still confusing.

“If we have injected the same capitals we poured into the Lebanese telecom market in any other market in the world, the gains would have been much higher,” he said.

Barrak was speaking to Gulf magazine, Alam Al Sina’a W Alttijarah.

Zain has reconsidered plans to become one of the top ten mobile companies worldwide and is undergoing a restructuring plan after it failed to repay some of its debt obligations on time.