Abu dhabi • Emirates Telecommunications Corp said yesterday that it is seeking controlling stakes in Greek, Sri Lankan and Yemen telecom operators as it expands beyond its saturated home market in the United Arab Emirates.

The second-largest telecom company in the Arab world by market value submitted a non-binding bid for Greece’s TIM Hellas on Monday, Chief Executive Mohammed Al Qamzi said. “We look at it as a good company and a good operator and it is making good revenues,” Qamzi said.

TIM Hellas, the third-largest mobile operator in Greece, is owned by private equity firms Texas Pacific Group and Apax Partners. It has declined to confirm reports that its owners had put it up for sale. Regional telecom giants like Emirates Telecoms, also known as Etisalat, are flush with cash in the wake of economic growth driven by record oil prices.

Etisalat has been expanding aggressively abroad. “We are looking for controlling stakes in operators. Always existing operators are better because it takes a short amount of time to develop them and you get a quick return on it,” Qamzi said.

Etisalat, which reported a 42 per cent jump in third-quarter net profit yesterday, is also negotiating with the Sri Lankan government for a controlling stake in fixed-line operator Sri Lanka Telecom, Qamzi said. Japan’s Nippon Telegraph and Telephone Corp owns a 35 per cent stake in Sri Lanka Telecom.

Etisalat’s talks on Yemen’s mobile operator Sabafon are now in their final stages, he said. Privately-owned Sabafon is one of two companies offering mobile services in Yemen, which has a population of 19 million. Etisalat is also in talks to acquire stakes in other operators, Qamzi added, mentioning Algeria, Ghana, Kenya and India.