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Statement On The Sale Of Zain Africa BV To Bharti Airtel Limited
Published Mar 25, 2010
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Further to the announcement made by Mobile Telecommunications Company KSC, 'Zain', on February 16, 2010, regarding the sale of its African unit, 'Zain Africa BV' to Bharti Airtel Limited, the company confirms that the Board of Directors of Zain met in Kuwait, to review the latest developments and negotiations related to this matter.
The Board is pleased to report that the due diligence process has been completed and that the parties are finalizing definitive agreements, which are expected to be signed in the coming days.
Upon signing, the parties will move towards getting any required approvals. It has been reported that Bharti has already secured the entire financing requirement of $8.3bn for this transaction.
The sale of 'Zain Africa BV' does not include Zain's operation in Sudan or its investment in Morocco.
Posted by
VMD - [Virtual Marketing Department]
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