Kuwaiti bourse holding 12.1% Zain stake auction on 12 Nov; Omantel expected recipient

31 Oct 2017

Boursa Kuwait has confirmed it will hold a formal block trade auction for 12.1% of Zain Group’s shares on 12 November, with a starting price of KWD0.781 (USD2.6) per share. News source Zawya reported that the market authority has invited all interested parties to submit funds totalling 10% of the total amount (KWD407.6 million) as insurance. As previously reported by TeleGeography’s CommsUpdate, earlier this month Oman Telecommunications Company (Omantel) signed purchase agreements with three of Zain’s shareholders – Al Khair National for Stocks & Real Estate Company, Kuwaiti British Readymix Company and Gulf National Holding Company – to give the Omani telco an additional 12.1% stake and take its total holding to 21.9%. Once the transaction has been completed via the block trade auction process as per Boursa Kuwait rules, the Board of Directors of Zain is expected to be reconstituted.

Kuwait, Oman Telecommunications Company (Omantel), Zain Group