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06 December 2023

Zain prepares IPO in Bahrain

By Agencies


Kuwaiti mobile operator Mobile Telecommunications Co (Zain) is preparing an initial public offering in Bahrain before the end of June, a newspaper said on Sunday.

Kuwaiti daily Al Anba said in an unsourced report that Zain, the third-largest Arab telecoms company by market value, had not decided yet on the volume of the offering.

A spokesman for Zain said the company's Bahrain license included a clause to have an initial public offering on the Manama bourse but it still needed some time for preparations and to get some listing exemptions.

Analysts have said Zain, which is listed in Kuwait, might become the biggest stock on the Bahrain bourse.

Shares in Zain Saudi Arabia are due to start trading on Saturday following the firm's IPO there, Al Riyadh newspaper said. (Reuters)