Kingdom, Batelco approve Zain’s debt terms

17 Mar 2011

(MENAFN) Kuwait-based Zain stated that it gained approvals from Kingdom Holding and Bahrain Telecom (Batelco) for taking on a part of Zain Saudi’s debt as a condition in the deal of buying 25 percent of Zain’s Saudi unit, reported Arabian business.

Zain stated that some debt guarantees would be settled as a term for ownership transferring.

According to the deal, zain stated that it will get USD950 million in cash from Kingdom and Batelco, and the additional USD250 million would be provided by the sold out Zain Saudi.

Kingdom Holding on the other hand confirmed the cash offer at USD950 million and pointed out that Zain Saudi would become an independent firm with no guarantees from third parties when the deal is done.

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