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Zain Denies Reports of Vodafone Investment
Rumours in Kuwait's financial markets over the past few days have suggested that Vodafone, along with another company are preparing to take a stake in Kuwait's Mobile Telecommunications, or Zain as it is now known. A report in the Arabic Al-Seyassah newspaper had suggested the sale could cost as much as US$29 billion.
Kuwait's Kharafi Group is Zain's second-largest shareholder behind the government itself -holding 8.7% of the company.
The company issued a statement during the morning stating that it is not aware of any negotiations regarding one of its major shareholders selling a strategic stake to Vodafone.
"The Kuwaiti bourse is always experiencing such rumors. Speculators are usually behind them," said a Zain spokesman.
Zain (formerly MTC) currently has operations in seven Middle Eastern and 15 sub-Saharan African countries.
Posted to the site on 17th January 2008