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FINANCIAL NEWS
Batelco revises offer to buy Zain Saudi stake
02 Mar 2011
(MENAFN) Bahrain Telecommunications (Batelco) Chief Executive Officer, Peter Kaliaropoulos, said that the company might offer another bid for acquiring a 25 percent stake in the Saudi Arabian unit of Kuwait-based Zain, reported Times of Oman.
The CEO said that the company is revising the offer and discussing possibilities with investment partners.
The CEO said that Batelco had already submitted an offer to Zain which expired in February. The CEO said that Zain did not take the offer even though it was a very reasonable one.
It is worth noting that Zain received three offers for selling its Saudi unit from Batelco, Kingdom Holding Company and an investment consortium led by Al Riyadh Group. However, Zain turned down all three offers.
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