Zain receives US$700 million as final payment from Airtel

Zain has announced that it has received the final tranche of US$700 million from Bharti Airtel as part of the sale last year of Zain’s African networks to the Indian company.

In a statement to the stock market, the company said: “With reference to the June 8, 2010 sale of Zain’s African assets (with the exception of Morocco and Sudan), and specifically to the deferred instalment of US$700 million, we would like to inform you that the company has received this amount, in accordance with the agreement of the transaction, in which the sum was to be paid one year after the transaction, conditional on the completion of both the final approvals and the of the sale and transfer of property.”

It should be noted that the amount was calculated as profits in the financial statements of the second quarter of 2010, and therefore will not have any effect on the financial statements for the current quarter of 2011.