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FINANCIAL NEWS
Zain posts $3.37b profit by September-end
14 Oct 2010
(MENAFN) The Chairman of Zain Group said that the Kuwait-based telecom giant has posted a 411% jump in net income during the first nine months of this year to $3.37 billion, Reuters reported.
He pointed out that Zain’s customer base in Kuwait, Saudi Arabia, Bahrain, Iraq, Jordan and Lebanon, as well as Sudan and Morocco, expanded by 25 percent to 35.3 million clients.
Prominent shareholders in Zain agreed to a preliminary offer from Etisalat to purchase a 46pc stake in the firm for more than $10bn.
The two parties are still negotiating details to close the deal expected to be finalised before the year’s end.
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