Emirates Telecommunications Corp's (ETEL.AD) offer to buy the Kharafi Group's stake in Zain (ZAIN.KW) is 'suitable and good for both parties,' the head of the Kharafi Group, said in a Kuwaiti newspaper on Thursday.
The UAE telco, known as Etisalat, said a day earlier that it had made a conditional offer for a 46-percent stake in Zain. [ID:nLDE68S0YC]
The offer of 1.7 dinars ($5.97) a share -- which values the stake at nearly $12 billion -- was made to the Kharafi Group, a major Zain shareholder keen to offload its position for more than a year."
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