Kuwait’s Zain, Omantel complete treasury share sale
Kuwait’s Zain Group has completed the sale of 425.71 million treasury shares, or 9.84 percent of the telecom operator’s issued and paid-up capital, to Oman Telecommunications Company (Omantel) in a public auction.
The share sale is expected to boost cash liquidity by KWD 255.4 million and increase total assets by KWD 255.4 million, Zain said in a statement to Kuwait Stock Exchange (KSE).
Meanwhile, treasury shares valued at KWD 567.8 million will be cancelled in line with the share sale.
The sale is estimated to close the treasury shares stock balance at KWD 1.97 million. Retained earnings would drop by KWD 310.4 million, while total shareholders’ equity is expected to increase by KWD 255.4 million.
The related financial impact will reflect on Q3 2017 earnings.
Earlier in August, Zain sold 425.71 million treasury shares, or 9.84 percent of issued and paid-in capital, to Omantel for KWD 225 million ($745.2 million).