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