Zain Kuwait receives offer to sell Zain Sudan, Kuwaiti Sudanese Holding for $1.3 bln

09/12/2021 Argaam

Logo of Zain Kuwait

Mobile Telecommunications Co. (Zain) announced receiving a non-binding purchase offer from Invictus Holding Ltd. Co. (IHL) to acquire its entire stake (100%) in Zain Sudan and Kuwaiti Sudanese Holding Co. for $1.3 billion.

 

The board of directors decided to proceed with the due diligence process to provide the initial approval, the telecom operator said in a statement on Boursa Kuwait.

 

The offer does not include Zain South Sudan, the statement added.

 

The financial impact cannot be determined yet, the company said, indicating that all material updates will be announced in a timely manner.

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