Mubasher: The Kuwait Investment Authority (KIA) reduced its stake in Mobile Telecommunications (Zain) by 0.39% to 24.22% on Tuesday, according to a filing at Boursa Kuwait.

KIA, one of the world's biggest sovereign wealth funds, is the largest shareholder in Zain, followed by Oman Telecommunications and Nohoudh Development General Trading and Contracting which owned stakes of 21.9% and 5.05% in the telecommunication firm, respectively.

Zain’s capital reaches KWD 432.71 million, distributed over 4.33 billion shares, with a nominal value of 100 fils per share.

By 10:54 am Kuwaiti time, Zain’s stock remained stable at 467 fils, where 115,360 shares were traded with a value of KWD 53,650.

During the first nine months of 2018, Zain’s profits surged 12% to KWD 137 million compared to KWD 122 million in the corresponding period in 2017.