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Zain shareholders challenge proposed stake sale
- Kuwait: Monday, November 02 - 2009 at 14:25
Two shareholders of Zain have filed lawsuits seeking to block the sale of a 46% stake in Kuwait's biggest phone company to a group led by Indian and Malaysian investors, the lawyer for the shareholders told Bloomberg. The shareholders are requesting the court to prevent a scheduled due diligence in Zain by the Indian- Malayasian group, al-Jasem said. Kharafi Group, Zain's second-largest shareholder with about 11%, signed a preliminary accord in September to sell a 46% stake, valued at $13.7bn, in the company to India's Vavasi Group and Malaysian billionaire Syed Mokhtar Al- Bukhary.
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