Zain stake sale is put on hold

The sale of a controlling stake in the Kuwaiti telecommunications company Zain to a consortium of Indian and Malaysian firms is taking longer than expected, the largest private shareholder in the operator said yesterday. National Investment, a unit of Kuwait's Kharafi Group, issued a statement to the Kuwaiti bourse that the sale of 46 per cent stake in Zain for 2 Kuwaiti dinars (Dh25.5) per share, or about US$13.69 billion (Dh50.28bn), will take more time to wrap up.

"Due to the developments that occurred over the last period in the region's economic and financial circumstances, the procedures to finalise the sale process could take more time than previously set, but the deal still stands," the statement said. A consortium led by the Vavasi Group from India and also consisting of Bharat Sanchar Nigam (BSNL), Mahanagar Telephone Nigam (MTNL) and Malaysia's Al Bukhari Group is said to be part of the deal to buy Zain.

Badr al Kharafi, the vice-chairman of Kharafi Group, said in September the deal would take about four months to close. Yesterday's announcement was not expected to have any material impact on the minority shareholders, said Kunal Bajaj, a telecoms analyst with HSBC in Dubai. "This news is immaterial because this is just a transfer of ownership from one consortium to another consortium," Mr Bajaj said. Shares in Zain remained flat at 990 fils on the Kuwait Stock Exchange yesterday. Both state-owned operators BSNL and MTNL recently said that their involvement in the Zain purchase was on hold, citing the need for more due diligence with the Vavasi Group.

The Indian telecoms minister Gurudas Kamat said in November that the two companies had not formed any consortium agreement to purchase Zain. Last month, Farid Arifuddin, the managing director of the Vavasi Group, said the deal would happen. "We are going ahead with the transaction but I do not wish to disclose the details just yet," he said. "People are entitled to their opinion and as far as we're concerned, the deal will go on."

Mr Arifuddin declined to comment when asked if BSNL or MTNL remained involved in discussions to purchase Zain or whether there were other foreign operators looking to enter the consortium. Mr Bajaj said the lack of clarity behind the intentions of the consortium and the Kharafi Group had been confusing investors ever since the deal was announced in September last year. "There was never a crystal-clear answer whether they are selling something and, if they are, at what price, to whom, when the deal will close and how it will impact the minority shareholders," Mr Bajaj said.

@Email:dgeorgecosh@thenational.ae

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

UAE currency: the story behind the money in your pockets

Key facilities

Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
Premier League-standard football pitch
400m Olympic running track
NBA-spec basketball court with auditorium
600-seat auditorium
Spaces for historical and cultural exploration
An elevated football field that doubles as a helipad
Specialist robotics and science laboratories
AR and VR-enabled learning centres
Disruption Lab and Research Centre for developing entrepreneurial skills

Teams

Pakistan: Sarfraz Ahmed (captain), Mohammad Hafeez, Sahibzada Farhan, Babar Azam, Shoaib Malik, Asif Ali, Shadab Khan, Shaheen Shah Afridi, Usman Khan Shanwari, Hasan Ali, Imad Wasim, Faheem Ashraf.

New Zealand: Kane Williamson (captain), Corey Anderson, Mark Chapman, Lockie Ferguson, Colin de Grandhomme, Adam Milne, Colin Munro, Ajaz Patel, Glenn Phillips, Seth Rance, Tim Seifert, Ish Sodhi, Tim Southee, Ross Taylor.

if you go

The flights

Air Astana flies direct from Dubai to Almaty from Dh2,440 per person return, and to Astana (via Almaty) from Dh2,930 return, both including taxes.

The hotels

Rooms at the Ritz-Carlton Almaty cost from Dh1,944 per night including taxes; and in Astana the new Ritz-Carlton Astana (www.marriott) costs from Dh1,325; alternatively, the new St Regis Astana costs from Dh1,458 per night including taxes.

When to visit

March-May and September-November

Visas

Citizens of many countries, including the UAE do not need a visa to enter Kazakhstan for up to 30 days. Contact the nearest Kazakhstan embassy or consulate.