Kuwait's Zain Telecom dip slightly

09 December 2010

Kuwait’s lead index KSE ended 0.57% lower on Thurdays, closing at 6,821.4 points. Shares of Mobile Telecommunications Company, better known as Zain, closed at KD1.420 (off 1.38%). Bloomberg reported earlier that Etisalat was close to reach a deal in selling Zain KSA in order to get approval to buy 51% in Zain. However, Al Fawares, which owns a 4.5 percent stake in Zain, threatened to sue any Zain KSA buyer as the shareholder was unhappy with the sales process. The Kharafi Group, the second largest shareholder in Zain demands for a board meeting of Zain to vote on the sale of the Saudi unit, Bloomberg added.

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