Oman Telecommunications Co. (Omantel) has signed a non-binding letter of intent with Al-Khair National for Stocks & Real Estate, to buy all of its shares as well as its affiliates and subsidiaries’ shares in Kuwaiti Mobile Telecommunications Company, Zain. This would give Omantel a further 12% acquisition in the company worth $960 million.

In August 2017, Omantel won the bid to acquire a 9.84% stake in Zain at an offer price of KWD 0.600 per share, representing a total cash consideration of $846.1 million. This deal will bring Omantel’s total shares in Zain to 21.95%, making it the second largest shareholder. Currently, Kuwait Investment Authority is the largest shareholder in Zain, with a 24.608% stake.

Al Khair National for Stocks and Real Estate is a fully-owned subsidiary of M.A. Kharafi & Sons, chaired by Fawzi Al-Kharafi.

In March 2017, in a series of new elections on Zain’s board, Mohannad Mohammad Al-Kharafi was elected as Chairman and Badar Nasser Al-Kharafi as Vice-Chairman and CEO of Zain.