Malaysian-Indian group inks Zain stake

Leading investors in Kuwait's Zain telecom signed an agreement with a Malaysian-Indian consortium on Tuesday for the sale of a 46 percent stake in Kuwait's largest mobile phone company.

The consortium consists of Malaysia's al-Bukhari Group and India's Bharat Sanchar Nigam Ltd., India's largest communications service provider, Mahanagar Telephone Nigam and Vavasi Group.

Bader al-Khorafi, a top executive of Kuwait's Al-Khorafi Group, the largest private shareholder in Zain, told a press conference late Tuesday that the sale would be carried out within four months.