(ZAIN.KW) was dealt a blow Tuesday after National Investments Co., or NIC, a company owned by Kharafi Group, a major Zain shareholder, said it was no longer committed to helping broker the near $12 billion transaction.
"Due to the expiration of the deadline given to the Emirates Telecommunications Corp., or Etisalat, for the completion of its due diligence of the Mobile Telecommunications Co., or Zain, which was set by the end of February, we declare an end to our commitment towards Etisalat for the sale of a 46% stake of Zain," NIC said in a statement on the Kuwaiti bourse website.
Etisalat launched its original bid for a 46% stake in Zain, worth about $11.7 billion, in September. It missed a self imposed Jan 15. due diligence deadline due to what it said at the time was a "lack of information".
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