Mubasher: Oman Telecommunications (Omantel) on Thursday announced that it bought 425.71 million of Mobile Telecommunications’ (Zain) treasury stocks, which represent 9.838% of Zain’s capital.

The stocks were purchased at 600 fils per share, totalling KWD 255.426 million (OMR 325.6 million/$846.1 million), the company said in a statement.

The deal is funded by bank loans, after the Kuwaiti Capital Markets Authority had approved the deal.