Kuwait – Mubasher: Boursa Kuwait on Sunday announced suspending trading on Mobile Telecommunications’ (Zain) stock pending a statement from the company after news was circulated about talks of a possible acquisition in the Kuwaiti operator.
On Thursday, Zain’s stock surged on the back of news reports that the company was in talks with Oman-based Omantel and Kuwait’s Al Kharafi Group, which were looking to acquire a 12% stake in Zain.
Less than two months ago, Omantel announced acquiring around 10% of Zain’s shares in the form of treasury stocks.
In the event that the new deal takes place, it is forecast that Zain’s shares will be acquired at 600 fils per share, which is 33% higher than they were in August, local media reported.
Zain’s stock last closed Thursday in the green, rising 3% to 550 fils.
