Zain Bahrain To Launch Stock Flotation By End June » Gulf Business

Zain Bahrain To Launch Stock Flotation By End June » Gulf Business:



"Zain Bahrain, the island’s No. 1 telecom operator by subscribers, will launch its long-awaited stock market flotation by the end of June, an industry source told Reuters, in what could be the Kingdom’s biggest share sale since 2010.



Bahrain’s Telecommunication Regulatory Authority (TRA) last April instructed Zain Bahrain, 56.3 per cent owned by Kuwait’s Zain, to sell 15 per cent of its shares in an initial public offering (IPO) and list on the local market by the end of 2013.



This deadline passed without comment by the companies or the regulator, but Zain Bahrain has now applied to the Ministry of Industry and Commerce for approval to become a public company, the source told Reuters, declining to be identified because the matter was not yet public."



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