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Zain gets approval on $1.5bn bond sale plan

29 May 2010

Chairman of Kuwaiti mobile operator, Zain has said that the company's shareholders have authorized the board to sell bonds to raise KD431.5m ($1.5bn), Bloomberg has reported. "This does not mean we will issue the bonds after this approval, only in case we need it," chairman Asaad al-Banwan told shareholders. "We have enough liquidity to distribute this dividend and repay debt," he said. Shareholders have also approved to pay dividend of 170 fils a share for 2009.

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