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Zain receives $295.4m payment

Kuwait, August 9, 2010

Kuwaiti telecom firm Zain said it received $295.4 million from India's Bharti Airtel, as part of the sale of its African assets. In June, Zain and Bharti closed a $9 billion deal for the Kuwaiti firm's African assets excluding Sudan and Morocco.

Zain had received $7.87bn after the closing, and said it would receive a further $400 million within 12 months after completing other formal requirements.

'The firm had received $295.4m after deducting expenses, from Bharti, and this amount will be booked in the third quarter results of this year,' Zain said in statement.

The amount received is part of the $400 million, a Zain spokesman said. The remainder $100 million is expected to be received within the next ten months, the statement said.

Zain will also receive another $700m after one year of the deal closing, as agreed in March.




Tags: India | payment | Zain | Bharti |

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