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.