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ait based Zain which operates in 24 countries and has nearly 70M mobile subscribers has signed a $13.7Bn deal, transferring a 46 per cent ownership of the company (Zain Group) to an Indian/Malaysian telecoms consortium.
The buying consortium is led by India’s conglomerate Vavasi Group and Syed Mokhtar al-Bukhary, a Malaysian billionaire. This sounds like another name change is on the cards.
Its now not clear if the Zain Group is still interested in selling off its African assets as reported here.
Although separate reports indicated that the Zain Africa sale seems to be still on, but Morocco and Sudan businesses will not be up for sale in the Africa assets batch. Which after Vivendi walked out of a deal is now in talks with Reliance Communications of India.
But this will depend on whether these new shareholders are willing to let go those ‘valuable’ African assets, or prefer to reinvest in them and grow the businesses. More details here.
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