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Wed 31 Mar 2010 12:52 PM

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Zain African sale profit is $3.3bn after debt payments

Gain expected to be reflected in Zain’s second-quarter financial statement.

Zain, Kuwait’s biggest mobile phone company, expects a profit of $3.3bn from the sale of its African assets after settling debt and provisions.

The gain expected to be reflected in Zain’s second-quarter financial statement, according to a company statement to the Kuwait bourse today.

Bharti Airtel Ltd. of India on Tuesday agreed to buy the African assets of Zain, also known as Mobile Telecommunications Co, for $9bn in cash. Bharti will also assume $1.7 billion of Zain’s debt as part of the deal.

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