[business week] Zain, Kuwait’s biggest mobile phone company, expects a profit of $3.3 billion from the sale of its African assets after settling debt and provisions.
The gain expected to be reflected in Zain’s second-quarter financial statement, according to a company statement to the Kuwait bourse today.
Bharti Airtel Ltd. of India yesterday agreed to buy the African assets of Zain, also known as Mobile Telecommunications Co., for $9 billion in cash. Bharti will also assume $1.7 billion of Zain’s debt as part of the deal.
Zain African Sale Profit Is $3.3 Billion After Debt Payments
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