Thursday 21 June 2018

Zain gets final payment from Africa asset sale

Dubai, June 23, 2011

Zain has received the final $700 million payment from its $9 billion African asset sale to India's Bharti Airtel, the Kuwait telecoms carrier said in a statement on Thursday.

In June 2010, Zain sold its African operations excluding Sudan and Morocco to Bharti, with the final $700 million due one year after the deal was closed.

"The company has received this amount," Zain said in a statement on the Kuwait bourse website.   

"The amount has been accounted for in the financial statement for the second-quarter of 2010 and therefore will have no effect on the statements for 2011."  - Reuters   

Tags: Telecom | Zain | Bharti | Africa asset |

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