Kharafi Group committed to Zain - Reuters

Kharafi Group denies rumours that it needs to sell Zain stake
Zain has no plans to sell any of its seven mobile licences, according to Reuters.
Zain has no plans to sell any of its seven mobile licences, according to Reuters.

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Kuwait’s Kharafi Group, which directly owns about 16% of Zain Group, said that it will hold on to its stake in the telco, according to a report from Reuters.

Kharafi Group has led two recent initiatives to sell a controlling stake in Zain Group, including a failed $12 billion sale to UAE telco Etisalat in March.

Bader al-Kharafi, a senior member of the Kharafi family who sits on Zain’s board, said that Kharafi Group remained committed to Zain and dismissed speculation the family needed to sell its stake in the telco, the report added.

During the interview with Reuters, al-Kharafi also said that Zain would not be selling any of its seven mobile licences and planned to acquire ISPs to boost data revenue.
 

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