Etisalat, the leading telecom service provider in the UAE, has not signed any memorandum of understanding to buy a majority stake in Iraq's Korek Telecom, its chief financial officer said in a statement on Tuesday.

Etisalat's CFO Salem Ali Al Sharhan said the company had not signed an MOU with Korek, clarifying earlier media reports of an agreement between the two firms.

In April, an Arabic daily said Etisalat reached an initial agreement to buy a majority stake in the firm, citing Iraqi government sources.

Korek is still in talks to sell a stake in the company to Etisalat and expects talks to finish soon, Korek's vice president had said earlier in April. – Reuters