Kuwait Investment Authority to decide on Bharti's offer to Zain

Kuwait's sovereign wealth fund, the biggest shareholder in Zain, will meet on Sunday to decide on a $10.7 billion offer from Bharti Airtel for some of the telco's African assets, according to a newspaper.                                           

Kuwait Investment Authority (KIA), which has a 24.6% stake in the telecom operator, will meet on Sunday prior to a meeting scheduled by Zain's board to discuss the offer, Kuwaiti daily al-Rai said in an unsourced report on Sunday.                                           

Official at KIA were not immediately available for comment.                                           

Kuwait's bourse halted trading in Zain shares on Sunday pending a decision on an offer for the firm's African assets.                                           

"Zain ... received an offer (for selling) Zain Africa, except for Sudan and Morocco," the firm said in a statement on the Kuwait bourse website. It added that Zain's board was due to meet at 12.30 pm (0930 GMT) to decide on the offer.                                           

The statement on Sunday comes a day after several unsourced reports in Kuwaiti newspapers said Zain has received an offer from Bharti to buy their African assets.                                           

Zain, the third-largest telecoms operator in the Arab world, in October halted talks to sell the African assets to appease potential buyers of a 46% stake in the parent company, Zain Group.                                           

A consortium of Asian investors has been trying to buy a stake from Kuwaiti family conglomerate Kharafi Group for 2 dinars per share, or about $13.7 billion.