KUWAIT CITY, Oct 29, (KUNA): Kuwait Bourse said on Sunday that an auction would take place on Nov 12 to sell a sum of 521,975,416 shares of Zain telecommunications group, equivalent to 12.063 percent of the company’s total capital, with a starting price of 781 fils per share.
The deal, which requires several conditions, is worth KD 407.6 million ($1.3 billion), added Kuwait’s stock exchange on its official website.
It invited those wishing to enter the auction to place a check worth 10 percent of the total amount of the deal as insurance.
The auction is set to begin at 12:55 pm (Kuwait time) and the auction would be laid on the primary bidder at 1:10 pm, unless another buyer presents a higher bid.
In the event of a higher bid, then after five minutes the auction would be laid on that higher bidder and vice versa, it added. Whoever the auction gets laid on should place the remaining of the total amount before 11:00 am of the next day of the auction.
It added that if the remaining amount is not paid, that bidder would not be entitled to retrieve the 10 percent insurance.