Arab Today, arab today kuwait\s kharafi will stick with zain holding
Last Updated : GMT 15:39:15
Arab Today, arab today
Arab Today, arab today

Kuwait\'s Kharafi: will stick with Zain holding

Arab Today, arab today

Arab Today, arab today Kuwait\'s Kharafi: will stick with Zain holding

Kuwait City - Arabstoday

Major Zain shareholder Kharafi Group, which has twice tried to sell its stake in the Kuwaiti telecoms operator, will now stick with its holding as the firm embarks on expansion plans. Bader al-Kharafi, whose family and related companies are thought to control about a quarter of Zain, and who sits on the company\'s board, also said that Zain would not be selling any of its seven mobile licences and planned to acquire Internet service providers to boost data revenue. Kharafi\'s family conglomerate, which directly owns about 16 percent of the telecoms group, remains committed to Zain, he said, dismissing speculation the family needed to sell up. Kharafi Group has led two consortia that agreed to sell a controlling stake in Zain. The last deal, a $12bn sale to the UAE\'s Etisalat, collapsed in March. When asked if the family was looking to sell its holdings in Zain, Kharafi said: \"No, we are not.\" Kharafi has emerged as a higher profile figure in the family conglomerate since the death of his father, Nasser al-Kharafi, in April. The senior Kharafi built a business empire that spans real estate, retail and financial services and is core to the Gulf state\'s economy. It owns stakes in Kuwait Food Co, National Investments Co and National Industries Group. Kharafi said Zain would focus on implementing a new strategy, which has been approved by the board and management. \"We are keeping all the assets and we are focusing on improving them and investing in them,\" Kharafi said in an interview at his Kuwait City office. \"The board is aligned. This is a new board and we have approved our new vision, which is going into data, acquiring ISPs (internet service providers) and submarine cables.\" Bitter disagreement among Zain\'s board over the Etisalat deal was among the reasons the UAE operator walked away. Zain shareholders elected a new board in April, including Kharafi, prompting one former member who was not re-elected and had opposed the Etisalat deal to launch legal action. A Kuwaiti court in September ruled the board meeting void, but Zain has appealed and the latest hearing is expected this week. \"We are confident we did everything by the book and according to the laws and regulations,\" said Kharafi, acknowledging that Zain\'s day-to-day operations were affected by the protracted Etisalat discussions. \"During the year we were working on the deal, there wasn\'t really a vision of putting more capex [capital expenditure],\" said Kharafi. \"It was tough to make such huge decisions on behalf of the company during that process.\" In 2010, Zain sold most of its African assets to India\'s Bharti Airtel for $9bn, reducing its footprint from 23 countries to just seven and ending its plans to become a top 10 global telecom player. The deal enabled Zain to pay out about $5.78bn in two dividends.

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today kuwait\s kharafi will stick with zain holding Arab Today, arab today kuwait\s kharafi will stick with zain holding

 



Arab Today, arab today
Arab Today, arab today Rabia Fatima reveals role of "Facebook" in her career

GMT 13:47 2017 Friday ,24 February

Rabia Fatima reveals role of "Facebook" in her career
Arab Today, arab today Messi visit will contribute in tourism

GMT 14:04 2017 Friday ,24 February

Messi visit will contribute in tourism
Arab Today, arab today Expresses Algerian history by woody figures

GMT 13:26 2017 Friday ,24 February

Expresses Algerian history by woody figures
Arab Today, arab today Mental conflict endures

GMT 07:36 2017 Friday ,24 February

Mental conflict endures
Arab Today, arab today Media host Mona Iraqi stresses her show's success

GMT 15:32 2017 Wednesday ,22 February

Media host Mona Iraqi stresses her show's success

GMT 06:25 2017 Thursday ,23 February

Bupa Arabia sponsors SMEA forum

GMT 06:11 2017 Thursday ,23 February

Football: Turkish company wins Qatar World Cup contract

GMT 05:46 2017 Thursday ,23 February

SABIC net profits fall in 2016

GMT 21:01 2017 Wednesday ,22 February

Saudi Aramco mulls offering citizens discounted shares

GMT 16:50 2017 Wednesday ,22 February

Yahoo salvages Verizon deal
View News in Arabic - Business: أخبار الشركات
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Reading therapy relieves mental disorders

GMT 15:39 2017 Friday ,24 February

Reading therapy relieves mental disorders
Arab Today, arab today UK appoints 1st Scotland Yard chief in 188 years

GMT 05:14 2017 Thursday ,23 February

UK appoints 1st Scotland Yard chief in 188 years
Arab Today, arab today Ex-yoga missionary unleashes rage

GMT 12:16 2017 Thursday ,23 February

Ex-yoga missionary unleashes rage
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today Tesla back into red but revenue grows

GMT 07:27 2017 Thursday ,23 February

Tesla back into red but revenue grows
Arab Today, arab today Nissan enhances sales in most markets

GMT 14:08 2017 Monday ,20 February

Nissan enhances sales in most markets
Arab Today, arab today Wafaa Amer is happy for Sherihan’s return

GMT 07:36 2017 Wednesday ,22 February

Wafaa Amer is happy for Sherihan’s return
Arab Today, arab today Milan laughs while Rome cries

GMT 10:28 2017 Wednesday ,22 February

Milan laughs while Rome cries

GMT 05:19 2017 Tuesday ,21 February

Salma Rashid happy for 'A Whisper of Love'

GMT 12:35 2017 Tuesday ,21 February

63-Year-Old Woman Delivers Baby

GMT 15:53 2017 Tuesday ,21 February

Small ponds have outsized impact

GMT 20:33 2017 Friday ,17 February

To release new antiques collection

GMT 07:51 2017 Wednesday ,22 February

Mom's immune system accepts babies

GMT 09:59 2017 Monday ,20 February

Tourism shows signs of recovery

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 14:29 2017 Monday ,20 February

Prepares to present her new collection
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday