Monday 14 March 2011

Zain board approves Kingdom, Batelco offer -sources | Reuters

A majority of the board of Zain (ZAIN.KW) approved on Sunday an offer by Kingdom Holding (4280.SE) and Bahrain Telecom BTEL.BH (Batelco) for the Kuwait telecom firm's Saudi assets, sources familiar with the matter said.

The board approved the offer with a vote of five to two, one source, who declined to be identified, told Reuters on Sunday.

Kingdom and Batelco offered to buy the assets at 10 Saudi riyals ($2.67) per share, paying $1.2 billion in total, and agreeing to take over $3.8 billion of debt, another source said.

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