Kingdom Holding, Batelco submit joint offer to Zain

13 Mar 2011

(MENAFN) Kingdom Holding, controlled by Saudi billionaire Prince Alwaleed bin Talal, and Bahrain Telecommunications (Batelco) made a joint offer to purchase a 25 percent stake in Zain Saudi Arabia, reported Arabian Business.

Kingdom Holding stated that a non-binding offer and a preliminary expression of interest would be valid until 9 a.m. Riyadh time on March 14. Batelco, confirmed the bid in a separate e-mailed statement. None of the company gave further details about the offer.

The board of Zain last month turned down offers from Kingdom Holding and Batelco to acquire the stake in its Saudi unit.

It is worth noting that Zain received an offer from Etisalat to buy a 46-percent stake in Zain. The bid was conditioned with Zain selling its stake in its Saudi unit, valued at USD750 million to allow Etisalat to proceed with its USD12 billion bid for a controlling stake in Zain.

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