Batelco sure of raising enough money for Zain Saudi purchase

19 Mar 2011

(MENAFN) Bahrain Telecommunications Company (Batelco)’s CEO, Peter Kaliaropoulos, stated that the company, who teamed up with Kingdom Holding for a joint purchase of stakes in Zain Saudi, would be capable of raising the necessary funds required for the deal, reported Arab News.

Kaliaropoulos also said that the Bahraini telecom giant would be able raise its debt up to USD1.2 billion to provide the needed funds for the deal, despite effect of the current political unrest on banking and finance in the region.

On a related note, UAE-based telecom company Etisalat, stated that it would maintain its USD12 billion offer to buy shares in Zain Kuwait only if the Batelco-Holding joint purchase of shares in Zain Saudi would be completed.

It is worth noting that Kingdom Holding Company is a public holding company headquartered in Kingdom Centre in Riyadh, Saudi Arabia. It is controlled by Prince Alwaleed Bin Talal Bin Abdulaziz, and is the largest company in the kingdom.

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