National Investments Co., controlled by Kuwait’s Kharafi Group, is in the process of transferring shares it obtained for the sale of 46 percent of Mobile Telecommunications Co., known as Zain, to Etisalat.
“We have secured the shares and we are processing the documents for the transfer,” National Investments General Manager Hamad al-Ameeri said today in a phone interview. An “alliance” to transfer the shares has been made with Zain shareholders who each own less than 300,000 shares, he said.
Etisalat, as Emirates Telecommunications Corp. is known, offered 1.7 Kuwaiti dinars ($6) a share for a majority stake in Zain, Kuwait’s largest mobile-phone company. The Kharafi Group is the second-largest shareholder in Zain, with about 13 percent. Kuwait Investment Authority, the country’s sovereign wealth fund, is Zain’s largest shareholder with 24.6 percent.
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