Jul 20 2011 |
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Saudi Zain Agrees Terms Of Sale With Kingdom Holding, Batelco
Wednesday, Jul 20, 2011
DUBAI (Zawya Dow Jones)--Mobile Telecommunications Co. Saudi Arabia (7030.SA), better known as Zain KSA , said Wednesday it had entered into a non-binding agreement with Kingdom Holding Co. (4280.SA) and Bahrain Telecommunications Co. (BATELCO.BH), or Batelco , relating to the two companies' proposed acquisition of the Saudi mobile operator.
The non-binding term sheet sets out the "key terms of the proposed acquisition," including the due diligence exercise that was approved in principle in June, Zain KSA said in a statement posted on the Saudi bourse website.
Zain KSA 's parent, Mobile Telecommunications Co. (ZAIN.KW) of Kuwait, in April accepted an offer from Kingdom Holding and Batelco to buy the 25% stake it owns in the Saudi unit.
Zain KSA 's shares closed unchanged at 6.40 Saudi riyals ($1.7) on the Riyadh bourse Tuesday.
Copyright (c) 2011 Dow Jones & Co.
(END) Dow Jones Newswires
20-07-11 0717GMT
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