Kuwait Zain receives $1.3bln offer for Zain Sudan and Kuwaiti Sudanese Holding

Board to study offer from Invictus Holding

  
A Kuwaiti trader is seen at the Kuwait Boursa stock market trading hall in Kuwait city, Kuwait September 16, 2019.

A Kuwaiti trader is seen at the Kuwait Boursa stock market trading hall in Kuwait city, Kuwait September 16, 2019.

REUTERS/Stephanie McGehee

Zain, Kuwait’s largest telecom operator by subscribers has received a non-binding offer amounting to $1.3 billion to acquire 100 percent share stake in Zain Sudan and Kuwait Sudanese Holding Co.

The offer, from Invictus Holding Ltd., which is a subsidiary of Dal Group, does not include Zain South Sudan, the telecoms company said in a filing on Boursa Kuwait on Thursday.

Zain's board has agreed to proceed with the due diligence on the offer before giving its approval.

For nine-month 2021, Zain Sudan reported a doubling of net profit year-on-year to $72 million. Revenue from data represented 28 percent of total revenue, while the operator’s customer base reached 16.4 million, according to Zain's financial report.

Kuwait Sudanese Holding Co., an ICT managed service provider, is a sister company of Zain Sudan.

(Reporting by Brinda Darasha; editing by Daniel Luiz) 

brinda.darasha@refinitiv.com

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© ZAWYA 2021


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