Kuwait – Mubasher: Mobile Telecommunications Company "Zain" said it reached a final settlement with Bharti Airtel over their arbitration and disputes over the sale of Zain Africa stocks signed in 2010.

Under the new settlement, the Kuwaiti company will also pay its Indian counterpart dues totalling $128.95 million (KWD 39.06 million), according to a bourse filing released Thursday.

The payment will not have an impact on Zain's financial position as the company had allocated enough provisions since 2010, the Kuwaiti telecom revealed.

Back in July, Zain expected that no final decision would be reached regarding its legal dispute with Bharti over the Zain Africa sale.

In 2010, Zain agreed to sell all of its African networks to India's Bharti Airtel for $10.7 billion. The deal entailed Zain's subsidiaries in 15 African countries with the exception of Sudan and Morocco.

Zain Kuwait's stock ended Wednesday in the red, shedding 1% to close at 390 fils after 2.18 million shares were traded at a turnover of KWD 856,240.