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Zain gets $700 Million Payment from Airtel
2011-06-24
Zain has received the remaining $700 million from the sale of most of its African assets to India's Bharti Airtel Ltd. last year.
"The company will benefit from this amount of cash ($700 million) to strengthen its financial solvency," Zain said in a statement, adding that the amount has been calculated as profit in the financial statements of the second quarter of 2010, and will not have any effect on the financial statement for the current quarter.
Zain, in early 2010, sold its African assets, except Morocco and Sudan, to Bharti for an enterprise value of $10.7 billion.
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