Shareholders of Kuwaiti carrier Zain have confirmed that they are selling a 46% stake to a consortium of mostly Indian stakeholders.
The transaction attracted 2 dinars per share valuing the stake at €9.45 billion.
The consortium is made up of India’s Vavasi Group and Malaysian billionaire Syed Mokhtar al-Bukhary.
Vavasi managing director Farid Arifuddon told Bloomberg that state-owned Indian telcos BSNL and MTNL were in discussions about joining the consortium but have not yet been formally brought on board.
India’s Department of Telecommunications confirmed the talks but said the two carriers were yet to take a decision. The government has also yet to be involved in the talks at this stage.
The Khorafi Group confirmed that it is selling its 11% stake in Zain. “It’s considered a good opportunity to exit the investment. This deal is considered a profit for both parties,” he told media.
As previously reported the negotiations were being handled by Kuwait's National Investments Co., the investment arm of Al-Khorafi group, the wealthiest family in Kuwait.
Zain, Kuwait's oldest mobile operator, has over 65 million customers in 23 countries in the Middle East and Africa.