August 24, 2017 / 10:39 AM / a month ago

Omantel buys nearly 10 percent of Kuwait's Zain Group

KUWAIT, Aug 24 (Reuters) - Oman Telecommunications (Omantel) on Thursday completed its previously announced purchase of 9.84 percent of Kuwait’s Zain Group , which it had said would be performed via a public auction of treasury shares.

Zain’s Group Chief Executive Bader Nasser al-Kharafi told reporters in Kuwait that proceeds from the transaction would be used to reduce debt and improve its operations.

Zain operates in eight countries in the Middle East and Africa, including Saudi Arabia, Iraq and Jordan. (Reporting by Ahmed Hagagy; Writing by Alexander Cornwell; Editing by David Goodman)

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