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Sat 9 Oct 2010 08:55 PM

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Kuwait fund unaffected by Etisalat offer for Zain

Kuwait Investment Authority supports the deal as 'it would have a positive impact on the Kuwaiti bourse and the economy'

Kuwait fund unaffected by Etisalat offer for Zain
NOT AFFECTED: KIAs stake in Zain is not affected by Etisalats offer to buy 46% of the teleco. (ITP Business)

The Kuwait sovereign fund's stake in Zain is not affected by an offer from Emirates Telecommunications Corp (Etisalat) to buy 46 percent of the Kuwaiti telecom company, the fund's general manager said.

Kuwait Investment Authority (KIA), the Gulf Arab state's sovereign wealth fund, holds a 24.6 percent stake in Zain.

KIA's general manager, Bader al Saad, told Al Arabiya television that the fund supports the Etisalat-Zain deal as it would have a positive impact on the Kuwaiti bourse and the economy.

Saad said: "We think it's good for the economy and for the market."

He added: "Etisalat's offer is for the private sector (shares) not the public sector."

He declined to comment on the price offered by Etisalat for Zain shares.

Etisalat has said it has bid 1.7 dinars ($6) a share for the 46 percent stake in the Gulf Arab region's third largest telecoms firm, valuing the deal at just under $12 billion. (Reuters)

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