Attention, Zain shareholders: Come to papa

Kuwait's Kharafi group put an advertisement in Kuwaiti newspapers today, inviting Zain's smaller shareholders to join the company's proposed sale of a 46% controlling stake in Zain to foreign investors. Via our intrepid Kuwait correspondent, here it is:

Kharafi has offered the 46 per cent stake in Zain to a Indian / Malaysian consortium, but does not own that much of the company by itself. This public advertisement is a sign that it has not roped together the 46 per cent already, and that this deal is still very much a work in progress.

Key points from the notice:

- Anyone who owns less than 300,000 Zain shares is guaranteed a place in the Kharafi sale plan, all they need to do is fill in some paperwork, and not sell their shares or enter any other deals while the offer is being finalised.

- If you join the group, you will be able to sell your Zain shares to the buyers when the deal is completed, Kharafi says this will be by the

first week of January

- There are 19,500 Zain shareholders who meet the <300,000 shares criteria, meaning 97.8% of all Zain shareholders (although obviously they do not hold 97.8% of Zain shares)

- No bid price is mentioned in the notice.