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Thursday, 10 August 2017

MIDEAST STOCKS-Zain surges on Omantel move, TAQA down after earnings

MIDEAST STOCKS-Zain surges on Omantel move, TAQA down after earnings:

"Gulf stock indexes moved little in early trade on Thursday, continuing a two-week-old trend, with Kuwaiti telecommunications firm Zain a standout gainer in response to an investment by Omantel.

The Kuwaiti index edged down 0.2 percent but Zain climbed 6.7 percent in heavy trade after signing a deal to sell 425.7 million treasury shares, equivalent to 9.84 percent of the company, to Omantel for $846 million.

The purchase, subject to regulatory approval, was announced days before Oman is to shortlist qualified applicants for a third mobile licence, for which Zain has bid. Omantel, which is making the investment to diversify beyond its small home market, was flat."



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