Kuwaiti telecommunications operator Zain has confirmed that is has received an offer to buy its operation in Africa in a deal worth as much as US$10.7 billion (Dh39.3bn)
The sale, if it goes ahead, will be be one of the largest cross-border deals in the Middle East and mark a significant turning point Zain's ongoning disposal plan.
"Zain has received an offer in relation to its operations in Africa excluding Morocco and Sudan," the company said in a statement on its website.
Zain, the third largest telecomes operatior in the region, said that its board of directors will be discussing the offer today at 12:30 pm Kuwaiti time.
Trading in Zain's shares on the Kuwaiti bourse was halted until a decision has been made on the offer, the company said.
Yesterday, Al-Rai, the Kuwaiti newspaper, said that Indian operator Bharti Airtel offered $10.7bn to buy Zain's African units, except in Sudan.
In a research note, Shuaa Capital telecoms analyst Simon Simonian said that Bharti Airtel would be a credible potential suiter for Zain's African units.
"The Indian operator attempted twice to acquire MTN Group, and has been looking to expand in Africa," said Mr Simonian, who raised his rating on Zain to "buy" from "sell".
Zain probably would pay a special dividend to shareholders if the African unit would be sold, Mr Simonian said.
"We assumed Zain divests a 65 per cent stake in the African unit. As was the case during the discussions with Vivendi, Zain was interested to maintain a minority interest in the African unit, as well as a management contract for the first two years."
On Thursday, Zain announced it had appointed Nabil bin Salama (CQ) as the new chief executive of the company, to be effective today.
Mr bin Salama served in 2009 as Kuwait's Minister of Communication, Water and Electricity, following several years in the public sector. He replaces Saad al Barrak who led the telecoms operator since 2002.
dgeorgecosh@thenational.ae
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The smuggler
Eldarir had arrived at JFK in January 2020 with three suitcases, containing goods he valued at $300, when he was directed to a search area.
Officers found 41 gold artefacts among the bags, including amulets from a funerary set which prepared the deceased for the afterlife.
Also found was a cartouche of a Ptolemaic king on a relief that was originally part of a royal building or temple.
The largest single group of items found in Eldarir’s cases were 400 shabtis, or figurines.
Khouli conviction
Khouli smuggled items into the US by making false declarations to customs about the country of origin and value of the items.
According to Immigration and Customs Enforcement, he provided “false provenances which stated that [two] Egyptian antiquities were part of a collection assembled by Khouli's father in Israel in the 1960s” when in fact “Khouli acquired the Egyptian antiquities from other dealers”.
He was sentenced to one year of probation, six months of home confinement and 200 hours of community service in 2012 after admitting buying and smuggling Egyptian antiquities, including coffins, funerary boats and limestone figures.
For sale
A number of other items said to come from the collection of Ezeldeen Taha Eldarir are currently or recently for sale.
Their provenance is described in near identical terms as the British Museum shabti: bought from Salahaddin Sirmali, "authenticated and appraised" by Hossen Rashed, then imported to the US in 1948.
- An Egyptian Mummy mask dating from 700BC-30BC, is on offer for £11,807 ($15,275) online by a seller in Mexico
- A coffin lid dating back to 664BC-332BC was offered for sale by a Colorado-based art dealer, with a starting price of $65,000
- A shabti that was on sale through a Chicago-based coin dealer, dating from 1567BC-1085BC, is up for $1,950
In numbers: PKK’s money network in Europe
Germany: PKK collectors typically bring in $18 million in cash a year – amount has trebled since 2010
Revolutionary tax: Investigators say about $2 million a year raised from ‘tax collection’ around Marseille
Extortion: Gunman convicted in 2023 of demanding $10,000 from Kurdish businessman in Stockholm
Drug trade: PKK income claimed by Turkish anti-drugs force in 2024 to be as high as $500 million a year
Denmark: PKK one of two terrorist groups along with Iranian separatists ASMLA to raise “two-digit million amounts”
Contributions: Hundreds of euros expected from typical Kurdish families and thousands from business owners
TV channel: Kurdish Roj TV accounts frozen and went bankrupt after Denmark fined it more than $1 million over PKK links in 2013
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Dos
- Wear the right fabric for the right season and occasion
- Always ask for the dress code if you don’t know
- Wear a white kandura, white ghutra / shemagh (headwear) and black shoes for work
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