Oman Telecommunications (Omantel) has won a bid to purchase 425.7 million treasury shares representing 9.84 percent stake in Zain for $846.1 million or KWD 255.4 million.

Zain aims to enhance its financial flexibility to seek opportunities in the digital space and invest in upgrading modern networks to enhance the mobile experience for customers.  Zain is also planning to reduce debt levels.

This follows Omantel winning the bid – during an auction process managed by the Boursa Kuwait — to acquire 425.7 million treasury shares representing 9.84 percent of Zain’s fully paid in and issued share capital at an offer price of KWD 0.600 per share, representing a total cash consideration of $846.1 million.

On 10 August 2017, Zain and Omantel announced their share purchase agreement for Zain’s shares.

Bader Al-Kharafi, Zain Vice Chairman and Group CEO, said: “We appreciate the professionalism and efforts of Boursa Kuwait and Omantel in this transaction, reflecting the confidence and strength of both the Kuwait equity market and in Zain’s business and digital growth strategy.”