Zain’s African assets in demand

17 Aug 2009

Kuwait-based mobile group Zain is in talks with three major telecoms firms over the sale of all or part of its African operations, Kuwaiti daily Al-Rai reports, citing Zain CEO Dr Saad Al Barrak. The Kuwaiti firm released a statement via its website last month which revealed that it was reviewing a possible sale of its African operations, after French media and media conglomerate Vivendi called off talks to buy a majority stake in the African business. Zain is currently in the midst of a strategic review and plans to hold an extraordinary general meeting on 31 August when shareholders will be asked to vote on amending its ownership restrictions, potentially allowing individual investors to hold more than a 2% stake in the company. Etisalat has recently been rumoured to be interested in purchasing a 51% stake in Zain.

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