Kuwaiti Telecommunications Group (Zain) has sold 425.71 million treasury shares, or 9.84 percent of issued and paid-in capital, to Oman Telecommunications Co. (Omantel) for KWD 225 million ($745.2 million), the company said in a statement to Kuwaiti bourse.
Shares were offloaded at 600 fils/each. The share purchase was subject to regulatory approval, the statement added.
Zain operates in eight countries in the Middle East and Africa, including Saudi Arabia, Iraq and Jordan.
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