Zain predicts $3.3bn profit from African asset sale

01 April 2010

Kuwait's biggest mobile-phone company, Zain has said it expects a profit of about $3.3bn from the sale of most of its African assets to Bharti Airtel after settling debt and provisions, Bloomberg has reported. Profit from the sale will be reflected in Zain's second-quarter financial statement, the company said in a statement. The company plans to distribute a large part of the proceeds from the sale to shareholders as dividends, it said. The payment will be subject to the size of available reserves and the repayment of a $4bn revolving credit facility, the company said.

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