Asian Group May be the New Co-Owner of Zain - Report

Posted by Staff Writer on Sunday, September 6, 2009 at 11:56am.

According to a report on Al-Arabiya television today, an Asian group of investors are in the final stages of closing the deal on a 46% purchase of Kuwaiti owned firm - Zain(Formerly Celtel)(ZAIN.KW).

When asked for comment by Reuters, Zain spokesperson Ibrahim Adel declined.

Zain’s shareholders voted to remove individual ownership limits on Aug 31, and is currently in negotiations to sell a stake in its African business.

According to Reuters, a 46 percent stake in Zain would be valued at around 10.09 billion US dollars.