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Kuwait's Zain increases Saudi unit stake following rights issue
- Kuwait: Wednesday, July 25 - 2012 at 11:48
Kuwaiti telecoms firm, Zain has raised its stake in its loss-making unit Zain Saudi, oversubscribing to the affiliate's $1.6bn rights issue following a tepid response from other shareholders, Reuters has reported. The move raised Zain's stake in Saudi Arabia's third operator to 37% from 25%, marking a reversal in strategy for the Kuwait firm whose attempt to sell its entire holding failed last year. "The parent will probably be more focused on Zain Saudi," said Nishit Lakhotia, telecoms analyst at Securities & Investment Co in Bahrain. "That would be positive for Zain Saudi, but for Zain group it could be a different story due to the continuing losses."
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