Zain, Kuwait’s biggest phone company, said third-quarter profit dropped 53 percent as a shareholder seeks to sell a controlling stake in the company.
Net income declined to 41.2 million dinars ($144.4 million), or 11 fils a shares, from 87.2 million dinars, or 24 fils, a year earlier, Zain said in a statement on the Kuwait Stock Exchange Web site today.
The decrease in profit comes as Kharafi Group, Zain’s second-largest shareholder with about 11 percent, prepares to sell control of the company. The group signed a preliminary accord in September to sell a 46 percent controlling stake, valued at $13.7 billion, in the carrier to India’s Vavasi Group and Malaysian billionaire Syed Mokhtar Al-Bukhary.
No comments:
Post a Comment