Kuwait fund may sell stake in Zain

01 Jun 2010

(MENAFN) The Kuwait Investment Authority (KIA), the country’s sovereign wealth fund, said in a statement that it may sell its 24.6 percent stake in telecoms firm Zain, AP reported.

However, the fund denied that it sought help to evaluaute the fair price of Zain shares, and said it would be transparent about any possible intention to sell.

Daily al Qabas, citing unidentified sources, said KIA has asked several investment firms to conduct technical studies on Zain group and the fair price of its shares.

The fund would then consider options to either sell its stake to a strategic investor or through an auction. KIA’s stake is currently worth about $4.5 billion, the paper said.

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