Omantel offers to buy another 12% of Zain from investment group

Tuesday 10 October 2017 | 11:10 CET | News

Omantel is seeking to increase its stake in Zain Group, worth around KWD 290 million, two months after purchasing a minority share in it, The National reported, citing a bourse statement. Omantel signed a non-binding letter of intent on 08 October to buy a 12.17 percent stake in Zain from Kuwait-based Al Khair National, a Kharafi Group company.  

Al Khair, an investment company, said that it was changing the purpose of its stake in Zain from a long-term investment to exiting investment. It is currently studying the offer. 

If completed, the deal would take Omantel’s shareholding in Zain to 22 percent, following the acquisition of its initial 9.84 percent stake in August. Omantel’s acquisition of Zain is its first major foray beyond its home market; the Omani operator acquired Pakistani ISP Worldcall ten years ago, but offloaded the investment this year.

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