Kuwait Stock Exchange (KSE) announces receiving a letter from Mobile Telecommunications Co. (Zain), which reads: “With reference to our letter dated Feb. 16, 2011, and commenting on the media reports as regards the decision of Iraqi Communications and Media Commission (CMC) to impose a fine on Zain Iraq, please note that Zain is contacting organizational and regulatory authorities and relevant talks are underway.

As for the information about freezing some of Zain Iraq’s balances in Iraqi banks, and the impact of such a decision that is not based on any court ruling, Zain Iraq has been dealing with such moves with great patience and professionalism.

The company asserts its confidence in the sound legal position and is awaiting the issuance of a new decision soon from Iraqi official authorities that will hopefully be positive for Zain Iraq.

Any relevant updates will be reported duly.”