Zain wants to keep majority control of Bahrain arm after IPO | Reuters

Zain wants to keep majority control of Bahrain arm after IPO | Reuters:

"Telecom operator Zain (ZAIN.KW) wants to retain majority control of its Bahraini subsidiary after the unit's initial public offering, but has yet to agree the exact terms of the share sale, the Kuwaiti firm's chief executive said on Sunday.

Zain Bahrain must float 15 percent of its shares and list on Bahrain's bourse by year-end.

Zain holds a 56.3 percent stake in the company, so Zain would no longer be majority owner should existing shareholders be required to sell shares in the IPO on a proportional basis.

"We're still having a discussion as to whether it will be (a) primary or secondary (listing) and what the dilution factor will be," Scott Gegenheimer, Zain's chief executive told reporters on the sidelines of a conference in Dubai."

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