DUBAI Feb 16 (Reuters) – Zain Bahrain has moved a step
closer to launching a long-awaited initial public offer of its
shares after the telecommunications operator announced its
intention to become a public company in a government newsletter.

Under the terms of its licence, Zain Bahrain – the kingdom’s
No.1 mobile operator by subscribers and 56.3 percent owned by
Kuwait’s Zain – must sell 15 percent of its shares in
an IPO and list on the Bahrain bourse.

Zain Bahrain missed a 2013 deadline to do so, but a source
last week told Reuters that the company planned to launch its
share sale by the end of June in what could be the island’s
first IPO since 2010.

The company’s announcement in the Ministry of Industry and
Commerce’s gazette, published on Thursday, said the ministry had
received Zain Bahrain’s request to become a public company and
that any objections should be submitted within 60 days.

The investment banking arms of National Bank of Kuwait
and Bahrain’s Gulf International Bank are advising on
the IPO.

(Reporting by Matt Smith; Editing by Andrew Torchia)