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Kuwait’s Zain says sued for $4.5bn over Iraq Telco buy

Reuters – Zain is being sued for $4.5bn over its 2007 acquisition of an Iraqi telecom operator, the Kuwaiti firm said in a bourse statement on Sunday. Zain bought Iraqna for $1.2bn from Orascom Telecom in December 2007 after the Egyptian firm dropped out of the running for a long-term mobile licence in Iraq. The …

Daily News Egypt

Kuwait’s Zain says finalises $800m, five-year loan facility

Reuters – Kuwait’s Zain has finalised an $800m, five-year loan facility from 11 banks, the telecommunications operator said on Tuesday. Zain, which has operations in eight countries in the Middle East and Africa including Sudan, Iraq and Saudi Arabia, said it originally planned to raise $600m, but increased the facility’s size because of what it …

Daily News Egypt

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