Kuwait-headquartered Zain said on Thursday it had received a non-binding $1.3 billion offer for the telecom group’s Sudanese business from a subsidiary of Sudan’s DAL Group.
Zain’s board has agreed to complete due diligence on the offer from DAL Group’s Invictus Holding Ltd for Zain Sudan and Kuwait Sudanese Holdings, it said in a bourse filing.
DAL, one of Sudan’s largest conglomerates with companies in the food, agriculture, automotive and mining industries, is seeking to broaden its portfolio with the acquisition of one of the country’s top 3 telecom providers, group director Amir Daoud Abdel Latif told Reuters.
Read more/Source: Reuters
