Kingdom Holdings, an investment vehicle controlled by Prince Al-Waleed Bin Talal, the prominent Saudi investor, has made an offer to buy Zain of Kuwait’s 24 per cent stake in Mobile Telecommunications Company, its Saudi Arabian subsidiary.
Kingdom did not disclose how much it had offered for the position in MTC Saudi Arabia, also known as Zain Saudi Arabia, but in a statement to the Saudi stock exchange said that its offer was open until February 6.
Shares in MTC were trading at SR7.45 on Monday, which would imply a total consideration of at least SR2.6bn ($691m).
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