Kuwait’s Zain Group has received a non-binding US$1.3 billion offer for Zain Sudan and Kuwait Sudanese Holdings from Invictus Holding Ltd.
Reuters reports that Zain’s board has commenced due diligence on the offer before providing initial approval. Kuwait Sudanese Holdings is a sister company to Zain Sudan providing ICT managed services.
Invictus Holding is a subsidiary of Sudanese conglomerate Dal Group, which has interests in numerous sectors nationwide including agriculture, automotive, energy, healthcare and mining. Its offer does not include Zain’s unit in South Sudan, which was spun off from the original Zain Sudan unit after the country seceded from Sudan to gain independence.
Currency devaluation has been a headache for Zain this year, with the group claiming that its earnings have been affected by fluctuations across the first three quarters of 2021. However, it has seen an uptick in subscribers.