October 13, 2021 telecom

Kuwaiti telecom giant Zain to distribute $150m semi-annual cash dividend


DUBAI: Kuwaiti Zain’s board has approved a semi-annual cash dividend of 10 fils per share, distributing a total of $150 million, for the first half of its current fiscal year.

The dividends are part of the company’s earlier commitment to distribute annual dividends of a minimum 33 fils per share, the company said in a statement.

“This step gave a clear indication to the strength of our financial solvency, and the company's ability to execute on its strategic investment and financial plans,” Zain vice chairman and group chief executive officer Bader Al-Kharafi said.

The move is also expected to boost Boursa Kuwait and Zain’s position on the global equity scene, he added.

Zain has ambitions to enter the financial technology sector in Kuwait and the wider Middle East.

It aims to obtain a “digital banking license and the first Telco-led challenger bank” in the region.

arabnews



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