Zain Bahrain to complete IPO by December
Zain's Bahraini subsidiary will be expected to complete an IPO by December to comply with the kingdom's licence terms.
The Telecommunications Regulatory Authority (TRA) told Reuters that Zain Bahrain should sell 15% of its shares in an IPO, after the company announced it had received approval to launch a listing last week.
Local reports in Bahrain suggested last week the government had ordered the company to float its shares, however this remains unconfirmed.
In 2003, Bahrain awarded a second mobile licence to Kuwaiti company Zain, ending Batelco’s monopoly.
Batelco had earlier planned an IPO in 2008 but the share sale was abandoned.