Caricature Qatar restores Undefeated gallery in diplomatic ties and unloved, memory of with Iran amid Mayweather Abdulredha7 Gulf10 crisis eyes45 payday Min 32º Max 47º FREE www.kuwaittimes.net NO: 17315- Friday, August 25, 2017 Zain, Omantel complete $846.1m treasury share sale KUWAIT: Zain has sold Omantel 425.7 million treasury shares representing 9.84% of Zain’s fully paid in and issued share capital at an offer price of KWD 0.600 per share, representing a total cash consideration of $846.1 million (KWD 255.4 mil- lion). The announcement was made following an auction process managed by Boursa Kuwait. As announced on 10 August 2017, Zain and Omantel entered into a share purchase agreement (“SPA”) for Zain’s treasury shares. This announce- ment triggered a formal block trade auction process under Boursa Kuwait rules, which com- pleted this afternoon and culminated in a ceremo- ny hosted by Boursa Kuwait to mark the successful closing of the transaction. The ceremony was held in the presence of the Zain Vice-Chairman and Group CEO, Bader Nasser Al-Kharafi; CEO of Omantel, Mr. Talal Said Al-Mamari; and CEO of Boursa Kuwait, Khaled Al-Khaled. Participating par- ties lauded the smooth operations and processes in Boursa Kuwait. Bader Al-Kharafi, Zain Vice Chairman and Group CEO, said: “We appreciate the professional- KUWAIT: Bader Al-Kharafi, Vice-Chairman and Group CEO of Zain Group (center) shakes hands with Talal Said Al-Mamari, Omantel CEO in the presence of Khaled Al-Khaled, CEO of Boursa Kuwait during a press conference at the Boursa Kuwait (Kuwait Stock Exchange) “The Market Cap of Zain headquarters in Kuwait City yesterday. Talal Said Marhoon Al-Mamari, Chief Executive for shareholders, diversify our revenue, raise our ration and innovation to ultimately deliver better Officer, Omantel, said: “The global telecoms market regional profile, and mitigate the risk of operat- services and content for our customers in Oman has increased more is changing fast, and our region has not escaped ing in a single market. Omantel is the incum- and the region, now and for the future.” this trend. Data and content is where growth lies bent player in Oman, with expertise in fixed, Khaled Al-Khaled, CEO of Boursa Kuwait, said: than $700 million to and investing in innovative digital products is mobile and broadband networks and wholesale “We congratulate the parties involved in this critical to building a stronger company. operations. We have long admired Zain for their major investment that was completed on Boursa In this competitive environment, our acquisi- deep digital expertise and regional footprint Kuwait in such a short period of time. Boursa reach over $7 billion as tion of a minority stake in Zain Group is a strate- which is highly complementary to ours. Kuwait’s expertise in managing the auction was gic move for Omantel as we continue to deliver Building on our respective strengths, we key to ensure a smooth, transparent and swift of today's closing price.” against our Corporate Strategy 3.0, create value believe that together we can accelerate collabo- process. Today, this deal stands as an important indicator of the growing trust and confidence investors have in the Kuwait market. Boursa Kuwait will continue to develop the operations of ism and efforts of Boursa Kuwait and Omantel in this exchange in line with its three main pillars of this transaction, reflecting the confidence and efficiency, transparency and accessibility”. The strength of both the Kuwait equity market and in sale of treasury shares of Zain was approved by Zain’s business and digital growth strategy. He its shareholders and the Capital Markets said, ‘The Market Cap of Zain has increased more than $700 million to reach over $7 bil- Authority of Kuwait earlier this year and the cur- lion as of today's closing price’. rent transaction has been approved by the Board “We welcome Omantel’s investment in Zain, of Directors of both Zain and Omantel. and we look forward to exploring mutually benefi- The sale will now be executed and the treas- cial synergies and business enhancing opportuni- ury shares converted into common stock. ties across the region. The strategic visions of both Following this conversion, Omantel will hold Zain and Omantel complement each other as do 9.84% of Zain Group, with the corresponding vot- our cultures, and we are confident that this deal is ing rights and dividends attached to common value-enhancing to all our stakeholders on multi- stock. The transaction will be fully debt financed ple fronts,” Al-Kharafi explained. by Omantel. “The liquidity from this transaction brings S&P and Moody’s have retained Omantel’s rat- many immediate and significant benefits to Zain ings of “BB+ / Negative / B” and “Baa2 negative,” as it enhances our financial flexibility as we con- respectively, following the announcement of the tinue to seek opportunities in the digital space KUWAIT: Bader Al-Kharafi, Vice-Chairman and Group CEO of Zain Group (center) signs transaction on 10 August 2017. Citigroup Global and invest in upgrading our modern networks to papers next to Khaled Al-Khaled, CEO of Boursa Kuwait (left) yesterday. Omantel bought Markets Limited served as exclusive financial enhance the mobile experience for our cus- 425.7 million treasury shares of Zain, representing 9.84% of Zain’s fully paid in and advisor and Meysan Partners as legal advisor to tomers. Additionally, the deal allows us to issued share capital at an offer price of KWD 0.600 per share, representing a total cash Zain. Credit Suisse acted as exclusive financial reduce our debt levels as well as increasing our consideration of $846.1 million (KWD 255.4 million). The announcement was made fol- adviser and Freshfields Bruckhaus Deringer LLP shareholders’ equity.” lowing an auction process managed by Boursa Kuwait. as legal adviser to Omantel. Local FRIDAY, AUGUST 25, 2017 Local Spotlight in my view Normalizing violence and horror What you actually need before the semester begins By Muna Al-Fuzai Salman Al-Mutawa I believe there is a need for restrictions on children [email protected] [email protected] watching adult films with used to be a great fan of horror movies, but not anymore. horror and action themes. our subjects means you need four notebooks IThis was in the 1980s when sound effects were very Fright? Wrong. But you must have all four text- primitive and the level of suspense was bearable for ordi- books... right? Nope. As a freshman, your only nary people like me. But now, with all the technology in experience of a learning institution is school. And as Hollywood, I think twice before going to such movies, clip showed her screaming and gasping. you progress one may assume that higher education because they are really scary. With the bloodshed we see In Kuwait, it is common to see some families bring babies requires similar accessories as high school education to daily in the real world, we have enough horror already. and infants to such movies! They assume that babies would- fully prepare yourself before you begin. This is not true. Yet the production of such movies will continue, n’t understand the story, but they are wrong. The kids may If you do follow your nave high school urges you will because of public demand. Recently, a new horror movie not understand the language, but they surely understand end up wasting money. called “Annabelle: Creation” came to cinemas, including screaming and yelling. A film can be rated as “T” or “G” or I myself wasted almost 400 dollars in my first semes- here in Kuwait. I have nothing against this movie. I saw sometimes “15”, so parents think it is okay to take babies. ter on materials that I simply did not need. That money its trailer and decided not to go to watch it, because it is They should be responsible. could’ve been spent into something more useful...like too much for me. I keep thinking that such movies I believe there is a need for restrictions on children buying a red onesie on Amazon Prime. should not be rated on age only. watching adult films with horror and action themes. We Let’s cut to the chase, when starting out as a fresh- man you will have four classes. Go to your nearest book- I know most cinemas in the world have a restriction need to send a message to the public that if they are sensi- store and buy one “5 Subject Notebook”. That’s right, regarding viewers’ ages - they should be 18 years old and tive to extreme horror or violent scenes, they should not just one. Most of your classes will require you to do your sometimes 21, but this is not enough. Some people have a watch such movies, because there is no need to put them- classwork or homework on a computer, meaning that weak heart or are sensitive to violence. They may have selves under such pressure that negatively affects their your notebook will be used solely for notes. Of all your mental health issues, and under extreme tension, pressure mental health. classes, the only ones you need to have a heavy amount or fear, they could panic, begin hallucinating or lose their And we all need to seriously consider how much vio- of notes for are mathematics and the hard sciences with minds! Yes adults should be able to decide for themselves. lence in the world we are willing to accept. These movies the exception of physics (there is no point in writing But the truth is that many people will go far beyond what is ‘normalize’ violence and make it more acceptable.