Kuwait Sovereign Fund Still Interested in Selling Zain Stake
Published on: 31st May 2010
Note -- this news article is more than a year old.
The Kuwaiti sovereign wealth fund, Kuwait Investment Authority (KIA) is again reported to be considering a sale of its 24.6% stake in Zain if it can secure a suitable price. Citing unidentified sources, the local al Qabas newspaper said that the KIA has called on investment firms to evaluate a fair price for the stake.
In an emailed statement to Arabian Business KIA said: "The Kuwait Investment Authority did not commission any party to evaluate the fair price of Zain shares ahead of selling its stake to a strategic investor."
Last September, the KIA said that it would consider selling its stake in the company if the right offer came along. A vote by shareholders last August also overturned a rule that limited individual new shareholders from owning more than two percent of the company.
Zain's former CEO, Saad al-Barrak has said while he was at the company that he wanted 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 at the time.
On the web: Arabian Business