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Omantel’s subsidiary Zain gets $1.3bn offer for Sudan business

December 12, 2021

Muscat – Omantel’s Kuwait-based subsidiary company Zain Group has received a US$1.3bn acquisition offer for Zain Sudan and Kuwait Sudanese Holdings from Sudan’s leading business group.

‘We would like to disclose that Zain has received a non-binding offer to acquire 100 per cent stake in Zain Sudan and Kuwait Sudanese Holdings by Invictus Holding Limited, a subsidiary of DAL Group for the amount of US$1.3bn,’ Omantel said in a disclosure to the Muscat Stock Exchange.

Omantel said Zain’s board of directors has agreed to proceed with the due diligence process to provide the initial approval.

‘However, this offer does not include Zain South Sudan. All material updates will be disclosed in due course,’ the company said in the disclosure.

DAL Group is Sudan’s leading and most diversified conglomerate. It operates across many business sectors including food and beverages, agriculture, earthmoving, real estate, energy, mining, automotive, healthcare and education– with each business playing a leading role in its field.

As per Omantel’s latest financial report, Zain Group reported total revenue of RO1.413bn for the first nine months of 2021, a decrease of 3.2 per cent compared with RO1.458bn in the corresponding period of 2020. Zain’s net profit stood at RO180.9mn for January – September period of 2021 against RO182.9mn in the same period of last year.

Total customer base of Zain Group stood at 48.4mn as of September 2021 across eight markets where it operates.

muscatdaily

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