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Mon 9 Oct 2017 01:09 PM

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Omantel eyes further 12% stake in Kuwait's Zain

Stake deal is estimated to be worth $960m based on Zain's current market value

Omantel eyes further 12% stake in Kuwait's Zain

Oman Telecommunication Co, better known as Omantel, has signed an agreement to potentially buy a 12 percent stake in Kuwaiti telecommunications firm Zain.

Omantel said in a statement to the Muscat Securities Market that it had signed a non-binding letter of intent with Kuwait-based Al Khair, an investment vehicle of Kuwait’s Al Kharafi merchant family, to purchase the stake.

Al Khair is studying and evaluating the offer, the statement said, without providing the price which was estimated at $960 million based on Zain’s current market value.

In August, Omantel purchased a 9.84 percent stake in Zain for $846 million.

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