Kuwait’s Zain receives USD700m payment

24 Jun 2011

(MENAFN) Kuwait’s Zain, the telecommunication company, said that it got USD700 million from India’s Bharti Airtel, as the final payment of Zain’s USD9 billion asset sale to the company, reported Arabian Business.

Zain added that it sold its African operations to Bharti last year, excluding Sudan’s and Morocco’s operations.

It also said that the amount it received from the Indian company was accounted for in the financial statement 2010’s second quarter, thus, it would have no impact on 2011’s statements.

It is worth noting that the USD700 million was to be paid after one year of the 2010’s deal closure.

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