Kuwait – Mubasher: Mobile Telecommunications (ZAIN) posted that Al Khair National for Stocks and Real Estate Company has signed a non-binding letter of intent (LOL) on Sunday with Oman Telecommunications SAOG (Omantel).
As per this LOL, Omantel aims to purchase all of Al Khair’s and its subsidiaries’ shares in ZAIN’s capital, which represents 12% of total share capital, ZAIN highlighted in a filing to Boursa Kuwait on Monday.
Al Khair is currently studying and reviewing the LOL with its legal and financial advisors, ZAIN noted.
ZAIN added that Al Khair revealed to the Capital Markets Authority (CMA), Boursa Kuwait, and ZAIN that it seeks an exit from investment, instead of owning stakes in ZAIN.
After the aforementioned declaration, Boursa Kuwait announced that trading on ZAIN’s stock has been resumed starting from Monday, 9 October 2017; an hour after the trading session starts.
