Zain group’s subsidiary company, ZainTech, acquired Monday Bios Middle East, a managed cloud service provider for KD 13.7 million (approx. USD 42 million).
In a declaration posted on Boursa Kuwait website, the group added that the takeover agreement aligns with company’s strategy to maximize value as it will empower ZainTech to provide costumers the best enterprise cloud service in the region.
It clarified that the acquisition of BIOS ME would have a positive impact on operational growth, adding that it is subject to regulatory approvals.
Zain is a mobile telecommunications operator, founded back in 1983 and listed on Kuwait Boursa in 1985
Source: Kuwait News Agency