Kuwait-Mubasher: Mobile Telecommunications (Zain) and its Dutch subsidiary are being sought in an arbitration court by India’s Bharti Airtel for recognising an alleged $127.5 million as debts owed by the two firms to the biggest Indian telco, according to a notification sent to the parent Kuwaiti operator on 18 January.
Based on an enterprise valuation of USD 10.7 billion, Zain earlier agreed to sell its operations in Africa to Bharti Airtel, in support of which agreement the Indian carrier is building its case before the London Court of International Arbitration (LCIA).
In a Thursday filing, Zain said it will dispute this claim before the LCIA.
An unfavourable resolution would not reflect on Zain’s financial statements, it said, citing provisions allocated previously in preparation for such a scenario.
