Tuesday, Oct 11, 2011
DUBAI (Zawya Dow Jones)--The chief executive officer of Zain Saudi Arabia has expressed his desire to resign at the telco's board meeting to be held later Tuesday, Kuwait-based Al Rai newspaper reports.
Saad Al Barrak will resign due to "undeclared reasons," the paper says.
Saudi Arabia's Kingdom Holding and Bahrain's Batelco in September dropped a joint bid to acquire 25% of Zain Saudi Arabia from Kuwait's Zain Group, which owns 25% in the Saudi unit.
A person familiar with the matter told Zawya Dow Jones that Zain Saudi Arabia would hold a board meeting later Tuesday.
A spokesman for Zain Group said in an email that "we don't comment on rumors and its business as usual for Zain KSA in providing quality mobile services to our customers. In regard to any possible changes in senior management in the future, the Zain KSA board will advise the Tadawul Stock Exchange first and foremost officially of such matters."
Al Barrak couldn't be reached for comment when contacted by Zawya Dow Jones.
Zain Saudi shares were last trading 0.8% down at SAR6 on the Riyadh bourse.
-By Shereen El Gazzar, Dow Jones Newswires; +971 444 61684; Shereen.elgazzar@dowjones.com
Copyright (c) 2011 Dow Jones & Co.
(END) Dow Jones Newswires
11-10-11 0956GMT
