Concerns grow over Zain deal

Zain shares continued to trade heavily as concerns mount over the lack of information about the sale of a large stake in the Kuwaiti mobile operator in what would be the GCC’s largest foreign takeover.

Adding to the unease were remarks by the Kuwaiti opposition politician and former speaker of parliament, Ahmad al Saadun who, in a question to the finance minister, said the deal’s lack of transparency could “have negative implications on the Kuwaiti bourse and national economy”.

Zain shares finished trading yesterday at 1.28 Kuwaiti dinars (Dh16.42), down 18 per cent from the previous Sunday, when the company’s chief executive, Saad al Barrak, acknowledged that a stake in the company was in the process of being sold.