Shareholders of Zain, the regional mobile operator, will vote at the end of the month on a proposal that would open the door to the sale of a stake in the company.
A special shareholder meeting, announced yesterday, will consider the removal of a clause in the company’s regulations prohibiting a single shareholder from acquiring more than 2 per cent of the company.
The move is intended to allow a strategic investor, most likely a telecommunications company, to buy a substantial stake in the company from its existing institutional investors, analysts said. Zain’s largest investor is the Kuwait Investment Authority (KIA), a sovereign wealth fund, and its second largest is the family-owned Kharafi Group of Kuwait.
No comments:
Post a Comment