November 12, 2017 / 8:59 AM / a month ago

Omantel completes 12 percent stake buy in Kuwait's Zain

DUBAI, Nov 12 (Reuters) - Oman Telecommunications (Omantel) said on Sunday it had won the bid for the acquisition of a 12.1 percent stake in Kuwaiti telecoms company, Zain , for $1.35 billion.

It paid 0.781 Kuwaiti dinars ($2.58) per share for the stake, around 74 percent above the current listed share price.

Omantel will own around 21.9 percent of Zain, making it the second largest shareholder after Kuwait’s sovereign wealth fund, the Kuwait Investment Authority after the deal is settled on Nov 15.

The move aimed to create value for Omantel’s shareholders, as well as diversify its revenue sources, and raise its regional scale, Omantel said in the bourse statement.($1 = 0.3027 Kuwaiti dinars) (Reporting By Tom Arnold; Editing by Saeed Azhar)

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