Al Khair to sell stake in Zain to Omantel

Kuwait – Mubasher: Mobile Telecommunications (Zain) said that Al Khair National for Stocks and Real Estate Company has signed an agreement to sell its stake in Zain to Oman Telecommunications (Omantel).

The deal has been signed on Thursday, 26 October in accordance with Boursa Kuwait’s and the Kuwaiti Capital Markets Authority’s (CMA) rules and regulations, Zain highlighted in a filing to Boursa Kuwait.

As per the agreement, the initial price for sale auction is 781 Kuwaiti fils per share, the firm added.

Al Khair and its subsidiaries own 12.063% of Zain’s issued and paid-up capital at about 521.98 million shares.

On 9 October, Zain posted that Al Khair signed a non-binding letter of intent (LOL) with Oman Omantel to sell its stake in Zain.

Mubasher Contribution Time: 26-Oct-2017 07:54 (GMT)
Mubasher Last Update Time: 26-Oct-2017 07:55 (GMT)