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Zain shares to resume trading on Sunday – bourse
Al Khair will gather the required percentage of shares for the deal.
September 30, 2010 2:09 by Reuters
Trading in Kuwaiti telecoms firm Zain will resume on Sunday, the Kuwaiti bourse said on Thursday, after a major shareholder outlined details of a proposed stake sale to Emirates Telecommunications Co.
National Investments Co (NIC), owned by the Kharafi Group, one of the main shareholders in Zain, said in a statement to the bourse that one of its portfolio clients, Al Khair National, had received an offer to sell a 46-percent stake in Zain.
Al Khair, also owned by the Kharafi Group, will gather the required percentage of shares for the deal, after the initial approvals between the parties, NIC said.
(Reporting by Eman Goma; Editing by Amran Abocar)