Kuwait’s commercial court will rule on Dec. 22 in a lawsuit that seeks to stop due diligence for the sale of 46 percent of Kuwaiti mobile-phone operator Zain, as Mobile Telecommunications Co. is known, to Emirates Telecommunications Corp.
The lawsuit to halt the due diligence was filed by Al- Fawares Holding Co., a shareholder in Zain, against Al-Khair National for Stocks & Real Estate Co., National Investments Co. and Zain, according to the court.
The due diligence, which was approved by Zain’s board on Nov. 7, is already under way, Hussien al-Ghareeb, the attorney representing Zain, said in the hearing. “Accordingly, we request the rejection of the urgent part of this lawsuit on the grounds that the due diligence is a decision already executed,” he said in court.
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