Zain Shareholder Interested in Selling Stake

Zain's largest single shareholder, the Kuwait Investment Authority (KIA) has said that it would consider selling its stake in the company if the right offer came along. Zain is itself trying to sell its African assets, and although later denied, it was rumoured that UAE based Etisalat was interested in buying the whole company.

A report in the Kuwaiti newspaper, Al Rai citing anonymous sources in the Kuwait Investment Authority (KIA) said that the KIA would consider selling its 24% stake in the mobile network operator.

Zain's chairman, Saad al-Barrak recently told a conference that he wants to see the KIA sell its stake in Zain as soon as possible. "I wish they would leave tomorrow, and I am working on this," he said. He added that the motivation was to ensure the company could operate without political interference.

On the web: Al Rai

Posted to the site on 27th July 2009