Zain receives $295.4 mn from Bharti

KUWAIT: Kuwaiti telecom firm Zain said it received $295.4 million from India's Bharti Airtel, as part of the sale of its African assets.

In June, Zain and Bharti closed a $9 billion deal for the Kuwaiti firm's African assets excluding Sudan and Morocco. Zain had received $7.87 billion after the closing, and said it would receive a further $400 million within 12 months after completing other formal requirements.

“The firm had received $295.4 million after deducting expenses, from Bharti, and (this amount) will be booked in the third quarter results of this year,” Zain said in a statement to the Kuwaiti bourse on Thursday.

The amount received is part of the $400 million, a Zain spokesman told Reuters. The remainder $100 million is expected to be received within the next ten months, the statement said.

Zain will also receive another $700 million after one year of the deal closing, as agreed in March.