Securities Group in talks to lure Zain holders: Al-Shahed
Bloomberg / Kuwait Oct 12, 2009, 01:09 IST
Securities Group Co is negotiating with Zain’s smaller investors to stop them from joining the Khorafi Group, which seeks to sell a majority stake in the country’s biggest phone operator, Al-Shahed reported, without citing anyone.
Securities Group is working to convince minority shareholders in Zain to sell their shares to the Kuwaiti fund management company, according to the newspaper.
Khorafi Group, Zain’s second-largest shareholder, signed a preliminary agreement last month to sell a 46 per cent controlling stake in the carrier to India’s Vavasi Group and Malaysian billionaire Syed Mokhtar Al-Bukhary. On September 16, Khorafi Group invited smaller shareholders in Zain to sell their shares to gather enough stock for a majority stake.
Securities Group is preparing an offer to buy part or all of Kuwait Investment Authority’s stake in Zain, the company said in an e-mailed statement today.
Kuwait Investment Authority, the emirate’s sovereign wealth fund, is the largest shareholder in Zain with about 25 per cent. Khorafi Group holds 11 per cent.
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