The Vavasi Group-led consortium that was in exclusive talks with Kuwait-based Zain Telecom to acquire a 46 per cent stake in the company, has been awarded more time by Zain to conclude the deal.

The Vavasi Group-led consortium that was in exclusive talks with Kuwait-based Zain Telecom to acquire a 46 per cent stake in the company, has been awarded more time by Zain to conclude the deal. Earlier, the deal was supposed to be closed within four months from September 2009, when the two parties entered into the exclusivity period. However, Zain’s largest shareholder, the Kharafi Group, has decided to extend the period of talks on account of the recent economic and financial developments in the West Asian region.