The Mobile Communications Company (Zain Kuwait) announced that the group has purchased approximately 35.335 million shares, representing about 9.6% of the total shares of (Zain Bahrain), at a price of 0.115. BD per share.
Zain said in a statement to the Kuwaiti Stock Exchange, today, Monday, that its stake in Zain Bahrain, after completing the purchase, rose from 55.4% to 65%.
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Zain clarified that the aforementioned transaction will be reflected in the group's consolidated financial statements, and the group will disclose the audited financial results within the period specified in the applicable laws and instructions.
Zain Kuwait’s profits fell by 14% in the first nine months of last year, to reach 131.594 million Kuwaiti dinars ($ 435.6 million). The third-quarter profit also declined by the same percentage (14%), to reach 47.874 million Kuwaiti dinars (158.5 million dollars).
On the other hand, Zain Bahrain's profits increased by 3.5% during the first nine months of last year, to reach BD3.82 million ($ 10.2 million), while it declined The third quarter profit is 5.2% to reach BD 1.28 million ($ 3.4 million).
