The UAE’s Emirates Telecommunications Corp. ETEL.AD (Etisalat) is looking at South Africa’s MTN  as a possible acquisition target as part of a drive to expand in Africa, it chairman said on Monday.

“We are always looking for expansion in Africa,” Etisalat Chairman Mohammed Omran told reporters at a telecom conference in Cairo. “We are evaluating MTN, among other companies.”

“I see within three to four years that revenue from Africa will not be less than 25 percent,” Omran said.

India’s Bharti Airtel and MTN said earlier this month they were in talks that may or may not lead to a deal.

MTN has a market value of about $36 billion, and at end-March had 68.2 million subscribers in 21 countries in Africa and the Middle East.

Government-owned Etisalat, which operates in 16 countries and has 51 million customers, has been on a four-year, $5 billion spending spree, setting up mobile operators in Egypt and Saudi Arabia as well as buying a stake in a Pakistani unit.

In December, it said it would buy 16 percent of PT Excelcomindo Pratama Tbk EXCL.JK to enter Indonesia, the world’s fourth most populous country. It is also starting an operator in Nigeria.

Shares of Etisalat were up 0.23 percent at 21.40 dirhams at 1034 GMT.

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