Mubasher: Mobile Telecommunications Company (Zain) has signed an agreement to sell 425.71 million treasury shares to Oman Telecommunications (Omantel) for a total value of KWD 255 million ($845 million) or 600 fils per share.

This stake accounts for 9.84% of Zain’s issued and paid-up capital, according to a bourse statement issued on Thursday.

Zain’s capital stands at KWD 432.71 million that is distributed on 4.33 billion shares, with an overall 425.71 million treasury shares.

In a statement issued by Omantel, the company said that this stake acquisition aims to diversify and endorse its investments in the telecom sector as a digital services provider.