FINANCIAL NEWS

Alwaleed bin Talal extends Zain bid

13 Feb 2011

(MENAFN) Prince Alwaleed bin Talal, Chairman of Kingdom Holding Company (KHC), said that the company decided for the second time to extend its bid for Zain’s Saudi Arabian unit until next Wednesday, February 16, reported The National.

The Chairman said that KHC’s recent offer was to purchase 25 percent stake in Zain’s Saudi Arabian and it was due to end on February 13. KHC’s original offer on January 31 had already been extended, he added.

In addition, Batelco, the current telecommunications operator in Bahrain, had made a bid for Zain’s Saudi Arabian unit and it shares the same deadline with KHC.

It is worth noting that it would be KHC’s first investment into the telecoms sector if Zain picked its offer, however, Batelco already operates a Wimax service in Saudi Arabia called Etihad Atheeb.

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