As per the managing director of Vavasi Telegence Pvt, a majority stake in Kuwait's biggest telephone company would be bought by a Vavasi-Malaysian group, in negotiation with Zain shareholders.

Farid Arifuddin informed, "We have signed a transaction agreement yesterday. The modalities on the transaction structure have been finalized."

He continued further that the group would be led by Vavasi Group's Telegence unit and Malaysian tycoon Syed Mokhtar Al-Bukhary. Indian companies, Bharat Sanchar Nigam Ltd. and Mahanagar Telephone Nigam Ltd., are yet to be formally brought on board.

On 7th September, National Investments Co., controlled by al-Khorafi declared that Zain shareholders, led by Khorafi group, are very close to selling a majority stake for almost $14 billion. It was predicted that the shareholders might sell at 2 dinars ($6.97) a share.

Arifuddin continued further, "The process of due diligence and an entire cycle needs to be gone through before the price is settled." He slated another four months for the transaction to fall fully in place.