Monday 8 February 2010

No offers for Kuwait Zain Africa assets: statement



Kuwaiti telecoms company Zain, whose chief executive resigned last week, said on Monday it has not received any offers for the sale of its Zain Africa assets.

"With regard to information published in a local newspaper on buying Zain Africa assets, the group would like to state that there are no offers at present," the company said in a statement on the bourse website.

Zain, the Gulf's third-largest telecoms company by market value, halted talks in October to sell African assets to appease potential buyers of a stake in Zain Group.

Chief Executive Saad al Barrak's resignation comes amid uncertainty over the fate of a delayed $13.7 billion deal for Kuwaiti family conglomerate Kharafi Group to sell a 46 percent stake in Zain at 2 dinars per share to a consortium of Asian investors.END

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