KIA may sell Zain stake to strategic investor

1 Jun 2010

Kuwait Investment Authority (KIA), the country’s sovereign wealth fund, may sell its 24.6% stake in telecoms firm Zain, according to a newspaper report. Daily al-Qabas, citing unidentified sources, said KIA had asked several investment firms to conduct technical studies on the telecoms group. The fund will then consider whether to either sell its stake to a strategic investor or hold an international auction. KIA’s stake is currently worth about USD4.5 billion, the paper said.

The mobile operator struck a deal in March to sell its operations in 15 African countries to India’s Bharti Airtel. Last week, it said it would distribute a large portion of proceeds from the USD9 billion asset sale to shareholders.

Kuwait, Zain Group