Kuwait’s Zain sells 425.7 mln treasury shares to Omantel for KWD 225 mln

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.