The Kharafi Group, the leading shareholder in Zain, has received the backing of enough Zain shareholders to sell its 46% holding in Zain to the UAE’s Etisalat.
Last week, Etisalat bid KD1.70 (E4.30) per share for the stake in Zain, quickly winning…
The Kharafi Group, the leading shareholder in Zain, has received the backing of enough Zain shareholders to sell its 46% holding in Zain to the UAE’s Etisalat.
Last week, Etisalat bid KD1.70 (E4.30) per share for the stake in Zain, quickly winning Kharafi Group support.
The Kharafi Group owns a 12.7% stake in Zain, but analysts estimate that the al-Kharafis’ total holdings clock in at over 20% through other firms it controls.
The group asked National Investments Company, which it owns, to secure the rest of the shareholder support required for the deal. Hamad al-Ameeri, general manager of NIC , told Reuters that clients had been persuaded to join the consortium taking it to the 46% threshold.
Etisalat and Zain did not respond to a request for comment by the time of going to press.
