KUWAIT, Nov 10 (Reuters) - A board member in Kuwaiti telecoms firm Zain (ZAIN.KW) questioned Zain’s procedures in the proposed sale of a $12 billion, 46 percent stake to Etisalat ETEL.AD, and threatened legal action if the board approved selling Saudi assets as part of the deal.
“Zain Saudi (assets) will not be sold... if the majority of the board approves it, we will take legal action to stop selling Zain Saudi,” Sheikh Khalifa Ali al-Khalifa al-Sabah told CNBC Arabiya TV in an interview aired on Wednesday.
Selling the Saudi assets of the Kuwaiti telecoms firm is a condition for closing the deal with UAE’s Etisalat.
On Sunday, Zain’s board approved opening its books to Etisalat to conduct due diligence. (Reporting by Eman Goma; Editing by Reed Stevenson)