Negotiations over the sale of 46% of Kuwait’s Zain to UAE-based Etisalat are going well, Nasser Al Kharafi, head of Al-Kharafi Group reportedly said in local media.
This conflicts with reports on October 22 which suggested that some shareholders were…
Negotiations over the sale of 46% of Kuwait’s Zain to UAE-based Etisalat are going well, Nasser Al Kharafi, head of Al-Kharafi Group reportedly said in local media.
This conflicts with reports on October 22 which suggested that some shareholders were resisting the transaction.
The Kharafi Group is one of Zain’s biggest shareholders, holding up to 20% of the company and the main force behind Etisalat’s attempt to buy 46% of the Kuwaiti incumbent.
The Al-Kharafi Group is advised by BNP Paribas, while Etisalat is advised by the National Bank of Kuwait and Morgan Stanley
Zain said that they would not comment on shareholder issues. NBK also declined to comment, while Etisalat and the Kharafi Group were unavailable for comment.
