Zain nearing sale of 46% stake

7 Sep 2009

According to a report by the Kuwait Times, shareholders in Zain Group have reached a preliminary agreement with a consortium to sell a 46% stake in the company. The Abu Dhabi Investment Authority (ADIA) is reportedly part of the consortium negotiating the deal, thought to be worth around USD15 billion. Negotiations to sell are being led by the Al-Kharafi group, which holds a 10.8% stake in Zain. The report cites Al-Arabiya television as saying that Al-Kharifi has agreed the sale at a price of around KWD2 (USD6.94) per share to an unnamed consortium consisting of Asian and Gulf investors. Last week, as reported by CommsUpdate, Zain scrapped ownership restrictions, allowing foreign investors to take more than a 5% stake in the firm for the first time. In August UAE-based Etisalat stated that it would be interested in purchasing a 51% stake in the cellco if an attractive price could be negotiated.

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