Monday 31 January 2011

Kingdom Holding offers to buy Zain Saudi stake - Maktoob News

Saudi investment firm Kingdom Holding has offered to buy Kuwaiti telecom company Zain's entire stake in its Saudi Arabian unit, Kingdom said in a statement on Monday.

Zain has to sell its 25 percent stake, valued at 2.75 billion riyals ($733 million), in Zain Saudi for regulatory reasons so that it can sell 46 percent of its own stock for $12 billion to UAE telecom firm Etisalat.

The Etisalat deal is championed by Kuwaiti family conglomerate Kharafi group, a major Zain shareholder.

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