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.