Omantel to buy additional 12 pct stake in Zain in a deal that will double its share
Published: 11:10 AM,Oct 09,2017 | EDITED : 04:04 AM,Apr 28,2024
In August, Omantel purchased a 9.84 per cent stake in Zain for US$846 million, saying the transaction was part of a strategy launched to diversify its investment and market position in the region.
On Monday, Omantel said it had signed a non-binding letter of intent with Kuwait-based Al Khair, an investment vehicle of Kuwait’s Al Kharafi merchant family, to purchase its 12 per cent stake in Zain.
Al Khair is studying and evaluating the offer, the statement said, without providing the price. The biggest shareholder in Zain is the Kuwait Investment Authority sovereign wealth fund with over 24 percent.
MSM filing
'Omantel wishes to announce that it has signed on 8 October 2017 a non-binding letter of intent with Al Khair , a company registered in State of Kuwait, with respect to the purchase of all of its shares and the shares of its subsidiaries/affiliates in the share capital of Zain and that amounts to 12 per cent of the total share capital of the company. Al Khair is currently studying and evaluating the offer from Omantel and its legal and financial advisors.’