Zain Will Not Book Impairment In Q312 For Sudan Unit
News: Kuwait-based telecoms operator Zain said it will not book an impairment for its Sudan unit in Q312, following devaluation of the Sudanese pound by 40%, in a move that slashes the dollar value of the subsidiary's earnings, reports Reuters. The devaluation will raise Sudanese operators' costs as equipment is purchased from foreign suppliers and is valued in hard currencies.
BMI View: Zain is listed on the Kuwait Stock Exchange, with a market capitalisation of US$20.9bn by March 2011. The firm's capital is 100% free float and publicly traded. The largest shareholder is the Kuwait Investment Authority (24.6%).