Fears that a deal between Etisalat and Zain might not go ahead has hit National Investments - the Kuwaiti asset management company controlled by Zain's second-largest shareholder the Kharafi Group - with shares declining the most this month.
"People are getting fed up with the uncertainty that continues to surround the deal," said Rami Sidani, the MENA region portfolio manager at Schroders Investment Management in Dubai.
National Investments shares fell 5 per cent to 470 fils yesterday on the Kuwaiti exchange. Etisalat, the telecommunications operator based in Abu Dhabi, said it offered 1.7 Kuwaiti dinars a share for a 46 per cent stake in Zain. Recent news reports say there is speculation that Etisalat may buy 40 per cent of Zain. But Etisalat says the deal is "still on" to acquire 46 per cent, which would give it a majority stake.
"We don't know how much Kharafi used to own prior to the M&A activity," said Mr Sidani. "Nasser al Kharafi personally had ownership, and through different entities that he owns like National Investments, EK Holdings, Gulf Cable and Foodco."
National Investments was appointed to gather shares from the public. "It is unknown how much Kharafi's entities have managed to gather so far," Mr Sidani said. "There is a lack of transparency and communication regarding the completion of this M&A transaction."
This month, Securities Group, a brokerage firm that had opposed the deal, changed its view to support the sale, a Kuwaiti newspaper reported. Al Fawares Holding, which owns 4.5 per cent of Zain, says it opposes the sale and has threatened to sue potential buyers of its Saudi unit, which is earmarked for divestment if the deal goes through.
Shares of Zain, which is considered to be trading at a hefty premium, remained flat at 1,520 on the Kuwait bourse. "Once the deal is completed I see Zain shares will be under pressure," said Mr Sidani. "They have reached this level by fake demand, triggered by these entities struggling to get the 46 per cent."
halsayegh@thenational.ae
Company%20Profile
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COMPANY%20PROFILE
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The%20specs
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The specs
Engine: 3.9-litre twin-turbo V8
Transmission: seven-speed
Power: 720hp
Torque: 770Nm
Price: Dh1,100,000
On sale: now
TECH%20SPECS%3A%20APPLE%20WATCH%20SE%20(second%20generation)
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If you go
The flights
Emirates (www.emirates.com) and Etihad (www.etihad.com) both fly direct to Bengaluru, with return fares from Dh 1240. From Bengaluru airport, Coorg is a five-hour drive by car.
The hotels
The Tamara (www.thetamara.com) is located inside a working coffee plantation and offers individual villas with sprawling views of the hills (tariff from Dh1,300, including taxes and breakfast).
When to go
Coorg is an all-year destination, with the peak season for travel extending from the cooler months between October and March.
Kanye%20West
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MATCH INFO
Barcelona 4 (Messi 23' pen, 45 1', 48', Busquets 85')
Celta Vigo 1 (Olaza 42')
MATCH INFO
What: Brazil v South Korea
When: Tonight, 5.30pm
Where: Mohamed bin Zayed Stadium, Abu Dhabi
Tickets: www.ticketmaster.ae
India squad
Virat Kohli (captain), Rohit Sharma, Mayank Agarwal, K.L. Rahul, Shreyas Iyer, Manish Pandey, Rishabh Pant, Shivam Dube, Kedar Jadhav, Ravindra Jadeja, Yuzvendra Chahal, Kuldeep Yadav, Deepak Chahar, Mohammed Shami, Shardul Thakur.
How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
CONFIRMED%20LINE-UP
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Company%20Profile
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Company%20Profile
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COMPANY%20PROFILE
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Seemar’s top six for the Dubai World Cup Carnival:
1. Reynaldothewizard
2. North America
3. Raven’s Corner
4. Hawkesbury
5. New Maharajah
6. Secret Ambition
Company%20profile
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The specs
Engine: 2-litre or 3-litre 4Motion all-wheel-drive Power: 250Nm (2-litre); 340 (3-litre) Torque: 450Nm Transmission: 8-speed automatic Starting price: From Dh212,000 On sale: Now