Kuwaiti telecom operator Zain is set to sell its stake in its business unit in Iraq through initial public offering as part of its $1.25 billion license.
The Iraqi unit's chief financial and operating officer Wael Ghanayem responded to questions from Reuters saying that they expect to close deal initial public offering by the end of June this year.
The stake of the Kuwaiti company in the unit, which is the number one telecom operator in Iraq, as well as in a key subsidiary could fall from 76% to 51%.
The sale deal, once closed, could become the largest transaction in Iraq, surpassing the $1.27 billion floatation made by the second largest operation Asiacell earlier in February.
The proceeds from the share sale are expected to be used in improving the network of Zain in Iraq or be sent back to Kuwait.
There are no confirmations yet made by Zain if whether or not it plans to sell more than 25% in the IPO.
Join the Conversation