Mubasher: Mobile Telecommunications (Zain) clarified that closing the auction held for selling treasury shares to Oman Telecommunications (Omantel) will reduce the retained earnings by KWD 310.4 million.

This sale transaction will raise cash liquidity and total assets by KWD 255.4 million each, as well as increase shareholders’ equity, according to a bourse statement issued on Sunday.

Zain noted that the financial impact will be registered in the income statements of the third quarter this year.

On 24 August, Omantel announced that it bought 425.71 million of Zain’s treasury stocks, which represent 9.838% of Zain’s capital.