Shareholders in Zain, the mobile operator that is Kuwait's largest public company, are negotiating the sale of a stake, its chief executive confirmed today.
Late last month, shareholders voted to remove ownership restrictions on its shares, fuelling speculation that a strategic investor was looking to acquire a stake in the company, which owns mobile networks across Africa and the Middle East.
Zain's share price has almost doubled in recent months as expectations of a stake sale, combined with the company's publicly acknowledged plan to sell its assets in sub-Saharan Africa, raised investor interest. Zain shares rose 5 per cent today.
The Kuwait Investment Authority (KIA), a sovereign wealth fund, and the Kharafi Group, a family-owned conglomerate, are Zain's largest institutional investors. The two companies own a combined 35.5 per cent of the company.
Al Arabiya news network reported today that an unnamed Asian investor was in discussions to acquire a 46 per cent stake in Zain, without giving further details. The chief executive of Zain, Saad al Barrak, confirmed to Reuters that shareholders were in talks to sell a stake, adding that management were not involved in the talks.
At an industry conference in June, Mr al Barrak, a staunch opponent of government involvement in the private sector, said he looked forward to the KIA ending its involvement in the company.
"I wish they would leave tomorrow, and I am working on this," he said.
"Any government ownership imposes, by the nature of government, some economic and political decisions, which are extremely detrimental to the well-being of private enterprise."
tgara@thenational.ae
Israel Palestine on Swedish TV 1958-1989
Director: Goran Hugo Olsson
Rating: 5/5
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Results
5pm: Wadi Nagab – Maiden (PA) Dh80,000 (Turf) 1,200m; Winner: Al Falaq, Antonio Fresu (jockey), Ahmed Al Shemaili (trainer)
5.30pm: Wadi Sidr – Handicap (PA) Dh80,000 (T) 1,200m; Winner: AF Majalis, Tadhg O’Shea, Ernst Oertel
6pm: Wathba Stallions Cup – Handicap (PA) Dh70,000 (T) 2,200m; Winner: AF Fakhama, Fernando Jara, Mohamed Daggash
6.30pm: Wadi Shees – Handicap (PA) Dh80,000 (T) 2,200m; Winner: Mutaqadim, Antonio Fresu, Ibrahim Al Hadhrami
7pm: Arabian Triple Crown Round-1 – Listed (PA) Dh230,000 (T) 1,600m; Winner: Bahar Muscat, Antonio Fresu, Ibrahim Al Hadhrami
7.30pm: Wadi Tayyibah – Maiden (TB) Dh80,000 (T) 1,600m; Winner: Poster Paint, Patrick Cosgrave, Bhupat Seemar
COMPANY%20PROFILE
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The Buckingham Murders
Starring: Kareena Kapoor Khan, Ash Tandon, Prabhleen Sandhu
Director: Hansal Mehta
Rating: 4 / 5
The Penguin
Starring: Colin Farrell, Cristin Milioti, Rhenzy Feliz
Creator: Lauren LeFranc
Rating: 4/5
BEETLEJUICE BEETLEJUICE
Starring: Winona Ryder, Michael Keaton, Jenny Ortega
Director: Tim Burton
Rating: 3/5
Traits of Chinese zodiac animals
Tiger:independent, successful, volatile
Rat:witty, creative, charming
Ox:diligent, perseverent, conservative
Rabbit:gracious, considerate, sensitive
Dragon:prosperous, brave, rash
Snake:calm, thoughtful, stubborn
Horse:faithful, energetic, carefree
Sheep:easy-going, peacemaker, curious
Monkey:family-orientated, clever, playful
Rooster:honest, confident, pompous
Dog:loyal, kind, perfectionist
Boar:loving, tolerant, indulgent
Various Artists
Habibi Funk: An Eclectic Selection Of Music From The Arab World (Habibi Funk)
THE SPECS
Engine: 1.5-litre, four-cylinder turbo
Transmission: seven-speed dual clutch automatic
Power: 169bhp
Torque: 250Nm
Price: Dh54,500
On sale: now
How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
The Laughing Apple
Yusuf/Cat Stevens
(Verve Decca Crossover)
'My Son'
Director: Christian Carion
Starring: James McAvoy, Claire Foy, Tom Cullen, Gary Lewis
Rating: 2/5
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Greatest of All Time
Starring: Vijay, Sneha, Prashanth, Prabhu Deva, Mohan
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