Saudi Arabia's Kingdom Holding Co. and Bahrain's Batelco Group launched a joint bid Sunday for Kuwait-based Zain's stake in its Saudi operations, raising hopes that United Arab Emirates-based Etisalat might still yet be successful in its pursuit of a 46% share of the Kuwaiti telecoms firm.
Kingdom and Bateleco's nonbinding offer for 25% of Saudi Zain will be valid until 6 a.m. GMT on Monday, Kingdom said in an emailed statement. No financial details of the bid were disclosed.
In February, Zain rejected three offers for its Zain Saudi stake, including separate bids made by Kingdom Holding and Batelco.
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