Report: Zain gets $7.9b from Bharti Airtel

08 Jun 2010

(MENAFN) Kuwaiti telecom firm Zain received $7.9 billion from Bharti Airtel and will soon announce the formal closing of its asset sale to the Indian company, Al-Rai newspaper reported.

The Kuwaiti newspaper cited informed sources saying that Bharti Airtel has transferred the sum to Zain’s account and a joint final closing statement is expected to be announced soon.

Zain spokesman said that the firm will advise the Kuwait stock exchange (KSE) and all the stakeholders as and when appropriate, but he declined to confirm the report.

In March, Zain made a $9 billion deal with India’s Bharti selling its operations in 15 African countries, excluding Sudan and Morocco.

It is worth mentioning that Zain’s shares were halted since May 30 pending the distribution of its 2009 cash dividend after its shareholders approved a cash dividend of 585 cents per share, which excludes distribution from the sale of some of Zain’s African units to Bharti.

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