Kuwait's Zain (ZAIN.KW) should remain for sale despite the death of Nasser al-Kharafi, one of telecom operator's top shareholders and former chairman of the indebted Kharafi group.
"It all depends on who succeeds Kharafi, but Zain is likely to still be up for sale," said Irfan Ellam, Al Mal Capital vice president in Dubai. "It depends on the financial situation of the Kharafi group. Assets could be sold to pay down debts."
The group's interests span real estate, retail and financial services, but these were hit hard by the financial crisis and it has direct and indirect liabilities likely to total at least $5 billion, said Naser al-Nafisi, general manager for Al Joman Center for Economic Consultancy in Kuwait.
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