Kuwait’s Zain has increased its holding in unprofitable subsidiary Zain Saudi from 25% to 37% following a relatively weak response from other shareholders to the company’s recent rights issue. The move follows a reversal in strategy after Zain originally tried to sell its entire holding in 2011. According to Reuters, despite the rights issue some analysts have questioned whether the company has enough financial firepower to better compete with rivals
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OVETEL Zain increases stake in Saudi subsidiary to 37%
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