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Almarai likely to take $36m writedown on Zain stake

Saudi Arabia-based Almarai, a founding shareholder in Zain Saudi, is likely to take a $36m impairment on its stake in the telecoms carrier at the end of 2011 if the shares remain stuck near current levels, Reuters has reported. The dairy firm owns a 2.5% stake initially valued at SR350m ($93m). Almarai has also lent SR109.6m to Zain Saudi, according to the latter's first-quarter results.