Kuwait’s bourse resumes Zain trading
16 Feb 2010
(MENAFN) Kuwait’s bourse announced that trading in Zain’s shares has been resumed, after halting it for three days, since Zain’s announcement of approval to offload its African assets to Bharti, Reuters reported.
Kuwait’s Minister of Trade and Industry, Ahmad Al-Haroun, said earlier that trading in Zain will be suspended until the company provides the bourse with details and ramifications of the planned $10.7 billion deal with India’s Bharti Airtel, Reuters reported.
The minister said that the Kuwait Stock Exchange (KSE) asked Zain for full disclosure including the terms of the offer to buy most of the company’s assets in Africa, the profits, the penalties, and the deal’s effect on Zain’s balance sheet.
Zain’s approval to such deal will mark one of the biggest cross-border transactions ever in the Middle East.
It is worth noting that the Minister of Trade and Industry, Ahmad Al-Haroun, also heads the committee that manages the Kuwait Stock Exchange (KSE).