Kuwait’s Kharafi Group, which is leading the sale of 46 percent of Zain to Emirates Telecommunications Corp., defended procedures followed in the $12 billion deal which it said will have a positive effect on the Kuwaiti economy.
“Everyone who has seen the deal, including shareholders who have declared, for their own reasons, that they won’t be contributing to it, has affirmed that this deal is one of the most professional, transparent economic transactions, and one that achieves the most benefits for Zain shareholders,” Al- Khair National for Stocks and Real Estate Co., which is owned by Kharafi, said in an advertisement in local newspapers today.
Al-Khair was responding to yesterday’s ad by Al-Fawares Holding Co., another Zain shareholder, which said it intends to sue Zain and its board for allowing Emirates Telecommunications, known as Etisalat, to conduct due diligence on the Kuwaiti phone operator without presenting the purchase offer. Al-Fawares also cast doubt on the sincerity of Etisalat’s offer.
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