Kuwait’s commercial court allowed due diligence to proceed on Emirates Telecommunications Corp.’s planned purchase of 46 percent of Kuwaiti phone company Zain, denying a minority shareholder’s effort to halt the transaction.
Al-Fawares Holding Co., which owns 4.5 percent of Zain, sued the company and its second-largest shareholder, Al-Khair National for Stocks & Real Estate Co., as well as sale manager National Investments Co. in early December to prevent Emirates Telecommunications from gaining access to the Kuwaiti phone operator’s data.
Judges rejected the lawsuit, a court clerk, who is not allowed to be identified under national legal rules, told reporters today at the Palace of Justice in Kuwait City.
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