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Zain to offer 12% stake for sale in auction

Zain to offer 12% stake for sale in auction
An agreement was reached between the parties involved in this auction
NINV
NINV
-1.49% 265.00 -4.00
Omantel
OTEL
0.00% 1.08 0.00
ZAIN
ZAIN
-0.81% 491.00 -4.00

Mubasher: Boursa Kuwait announced that an auction will be held on Sunday, 12 November, to offer 521.98 million of Mobile Telecommunications’ (Zain) shares for sale.

This volume represents 12.063% of Zain’s capital at a premium price of 781 fils, with a total value of KWD 407.66 million ($1.35 billion), according to a bourse statement issued on Sunday.

An agreement was reached between the parties involved in this auction, including National Investments Co as a seller and NBK Capital as a buyer.

Late October, Zain disclosed that Al Khair National for Stocks and Real Estate Co and its subsidiaries and affiliates, Gulf National Holding and Kuwaiti British Readymix Co WLL, have signed an agreement to sell the consolidated stake in Zain to Omantel.