Zain Nears Sale of Africa Unit

The company confirms that its Board of Directors met in Kuwait to review the latest developments and negotiations related to this matter

March 25, 2010

1 Min Read

KUWAIT CITY -- Further to the announcement made by Mobile Telecommunications Company KSC, ‘Zain’, on February 16, 2010,regarding the sale of its African unit, ‘Zain Africa BV’ to Bharti Airtel Limited, the company confirms that the Board of Directors of Zain met in Kuwait on Wednesday 24 March 2010, to review the latest developments and negotiations related to this matter.

The Board is pleased to report that the due diligence process has been completed and that the parties are finalizing definitive agreements, which are expected to be signed in the coming days.

Upon signing, the parties will move towards getting any required approvals. It has been reported that Bharti has already secured the entire financing requirement of USD 8.3 billion for this transaction.

Zain Group

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