Kharafi Group maintains its stake in Zain

24 Nov 2011

(MENAFN) In a shift of strategy, Kharafi Group announced it will stick with its holding in Zain, as the telecom firm plans expansion, Reuters reported.

The group also said that Zain would not be selling any of its seven mobile licenses, instead it plans to acquire Internet service providers to boost data revenue.

Kharafi Group has led two consortia that agreed to sell a controlling stake in Zain, the last deal, a USD12 billion sale to the UAE’s Etisalat, was scrapped in March.

Kharafi Group’s business spans real estate, retail and financial services and is core to Kuwait’s economy.

The giant conglomerate owns stakes in Kuwait Food Co, National Investments Co and National Industries Group, and thought to control about a quarter of Zain.

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