Kuwait wealth fund: price offered for Zain "good"

DUBAI Mon Oct 5, 2009 2:59pm IST

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DUBAI Oct 5 (Reuters) - Kuwait's sovereign wealth fund considers the price offered to fellow shareholders for a stake in mobile telecom firm Zain (ZAIN.KW) as "good", the fund's managing director said in remarks aired on Monday.

Bader al-Saad said the Kuwait Investment Authority was not part of the negotiations between other shareholders and the potential buyers, but said the fund would look into selling its stake at the right price.

"We are not married to our investments. Whenever there is a good return on them, they are for sale," Badr told Al Arabiya television, adding that 2 dinars ($6.98) was a "good price".

An official at major Zain shareholder Kharafi Group said in September that a consortium of Indian telecom firms and a Malaysian investor will buy a 46 percent stake in Zain for 2 dinars per share.

Saad said the global economy would recover fully only when consumers in the United States and other major economies regain strength adding that he remained "cautious" in his outlook. (Reporting by Inal Ersan and Raissa Kasolowsky)

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