Kuwait’s Zain to be treated as Omantel subsidiary

End of last year, Omantel said it completed the acquisition of 21.9 per cent shareholding in Kuwait’s mobile telecommunications company (Zain).   As per IFRS 10: Consolidated financial statements,  Zain group is treated as a subsidiary of Omantel and its results need to be consolidated with Omantel.
Zain group is currently completing their consolidated results that involve the consolidation of their results across nine countries. These results then needs to be consolidated with the results of Omantel which is significant and material to the Group results, the company said in a MSM filing.
Pending the consolidation, Omantel is currently not in a position to disclose the initial unaudited results of the Group.
Omantel will disclose the audited results of the group within the statutory time period specified under the Commercial Companies Law.

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