Emirates Telecommunications Corp of UAE (Etisalat) on Monday became the second international bidder after Bharti Airtel to join the race to pick up a stake in South Africa?s MTN. Etisalat, which has operations in Pakistan among 16 countries, confirmed its intent to newspersons at a telecom conference in Cairo.

Meanwhile, according to industry sources, Bharti Airtel, if successful in acquiring MTN, is looking at merging the two companies instead of keeping them as two independent entities.

?We are always looking for expansion in Africa,? Etisalat chairman Mohammed Omran was quoted as stating by international wire agencies. ?We are evaluating MTN, among other companies. I see that within three-to-four years revenue from Africa will not be less than 25%,? Omran said.

This is the first time after Bharti that any global telecom player has stated on record its interest in acquiring MTN, which has 68 million subscribers from operations spanning 21 countries of South Africa and Middle East.

Government-owned Etisalat has 51 million subscribers and has been on a four-year, $5-billion spending-spree, setting up mobile operators in Egypt and Saudi Arabia. It owns 26% in state-owned Pakistan Telecommunications and 16.5% in another telecom firm in Pakistan, PT Excelomindo Pratama.

Earlier, China Mobile’s chief executive had said on record that it is interested in the South African market but has not bid for MTN. China Mobile is the world?s largest mobile company by subscriber base?close to 400 million.

Though media reports in UK?s Sunday Times has said that the world?s largest mobile firm by revenues, Vodafone, was examining a 20-billion pound ($39.02) bid for MTN, a Vodafone spokesperson denied any such move stating that ?we have no intention of pursuing a bid for MTN.?

According to estimates, MTN has been valued at around $37 billion and Bharti has put in an indicative bid of $19 billion, which is likely to rise to around $23 billion to acquire 51% controlling stake in the company. However, with Etisalat entering the fray, the valuation is sure to rise.