The primary cause of the accident was determined to be the lack of a safe following distance
emergencies1 hour ago
However, a person knowledgeable about cross-border investments by Abu Dhabi-based sovereign wealth funds told Khaleej Times that ADIA is a portfolio investor that always seeks minority investment stakes of 5-10 per cent. “As per policy, the world largest sovereign wealth fund does not invest in the Gulf region,“ this person said.
Kuwaiti media reported on Monday that ADIA and India’s Reliance Telecommunications are cooperating to make a joint offer for a stake in Zain.
Zain is the region’s second-largest telecom company by market value and operates in 24 countries, including Nigeria and Saudi Arabia. Zain said in July that it was reviewing a possible sale of most of its African operations after French media and telecoms giant Vivendi called off talks to buy a majority stake in Zain’s African business. It was reported last month to be in talks with three international telecom operators, including one from India, about the possible sale of its African assets.
UAE telecom incumbent Emirates Telecommunication Corporation, or etisalat, expressed an interest on July 20 in buying a majority stake in Zain. But an official at etisalat denied on Monday that the company was currently involved in any negotiations about the purchase of a stake in Zain.
Zain’s biggest shareholders are Kuwait’s sovereign wealth fund, the Kuwait Investment Authority, or KIA, with 24.6 per cent, and family-owned conglomerate the Kharafi Group, which holds at least a 10.9 per cent stake, according to the Kuwaiti bourse website. Analysts estimate that Kharafi owns about 20 per cent of Zain through its units.
Al Arabiya television reported that shareholders — among them the Kharafi Group — had agreed to sell their stake in Zain at a price of around 2 dinars ($6.96) per share to an Asian group and that an official announcement was due shortly. An offer of 2 dinars per share would represent a 28 per cent premium to Sunday’s closing price of 1.56 dinars and values a 46 per cent stake at 3.93 billion Kuwaiti dinars ($13.68 billion), according to Reuters calculations.
· haseebhaider@khaleejtimes.com
· With inputs from Agencies
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