KUWAIT: A consortium of Indian telecom companies and a Malaysian investor will buy a 46 percent stake in Kuwaiti telecom Zain, an official with major shareholder Kharafi Group said on Tuesday.
The group will pay 2 dinars a share in a deal that values the stake in the Arab world’s third largest telecommunications company at about $13.7 billion, making it one of the biggest overseas acquisitions into the Gulf region.
The consortium is made up of India’s Vavasi Group, regional telecom companies Bharat Sanchar Nigam and Mahanagar Telephone Nigam, and Malaysian billionaire Syed Mokhtar Al-Bukhary.
Kharafi vice-president Bard Al-Kharafi told a news conference that the deal would take four months to complete.
“It’s considered a good opportunity to exit the investment,” he said when asked why the company was selling its stake. “This deal is considered a profit for both parties.”
Kharafi confirmed this week that it was in talks to sell its position in Zain, estimated at about 20 percent, along with other shareholders. Combined, the group held a 46 percent stake.
