September 6, 2009 / 1:23 PM / 10 years ago

Asian group near to buying stake in Kuwait's Zain - TV

DUBAI, Sept 6 (Reuters) - A group of Asian investors are in the final stage of buying a 46 percent stake in Kuwaiti telecom firm Zain (ZAIN.KW), Al-Arabiya television reported on Sunday.

The television station did not give a source or further details. Zain spokesman Ibrahim Adel declined to comment on the report.

Kuwait’s Zain, whose shareholders voted to scrap individual ownership limits on Aug 31, is in negotiations to sell a stake in its African business, its chief executive said last week.

A 46 percent stake in Zain would be valued at around 2.9 bil lion Kuwaiti dinars ($10.09 billion), according to Reuters data.

Reporting by John Irish and Eman Goma; Editing by Thomas Atkins

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