Zain completes AGM following tumultuous period

Zain Group completed its annual general meeting in Kuwait today, and given the twists and turns the cellco has faced in recent months with respect to its future, much is likely to have been discussed. At the beginning of March the board of directors recommended a cash dividend of 200 fils (US$0.68) per share, in part due to the cash windfall received by Zain from the sale of its assets in Africa to Airtel.

The failure of the deal for Etisalat to acquire Zain is likely to impact the internal dynamics of the Kuwait-based cellco, with a number of further changes expected within its leadership team.

Last week the company issued a statement confirming it had signed a non-binding term sheet with the consortium of Kingdom Holding Company and Batelco relating to the possible disposal of Zain’s 25 per cent equity stake in Zain Saudi Arabia. The company said all terms and conditions of the term sheet are in line with the offer made to Zain by the consortium on March 13, 2011.