Kuwait's Zain in final stages of mobile towers sale

Zain's affiliate Zain Saudi said it was in talks to sell its towers for over $500 million

(Getty Images)

(Getty Images)

Kuwaiti telecommunications group Zain has reached the final stages of selling its mobile transmitter towers in the country, the company's vice chairman Bader Nasser al-Kharafi said on Sunday.

The company is awaiting approval from the telecommunications regulator, Kharafi said at a shareholder meeting. He did not give details of the planned sale.

Sources told Reuters in March last year that Zain was narrowing the field of potential bidders for its towers in Kuwait.

In addition, Zain's affiliate Zain Saudi said in December that it was in talks to sell its towers to a consortium comprising TASC SAL and ACWA Holding. The Saudi sale would fetch over $500 million, a top executive said.

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