Shares in Saudi Arabia's Kingdom Holding Company (KHC) rose yesterday as the company said it would begin conducting due diligence to acquire a stake in Zain's telecommunications operations in the kingdom.
The move comes just weeks after Etisalat's failed bid to buy a controlling stake in Zain, based in Kuwait, for US$12 billion (Dh44.07bn).
Zain said on Thursday it had "signed a non-binding term sheet" over the sale of a 25 per cent stake in Zain Saudi Arabia to KHC and its partner Bahrain Telecommunications (Batelco).
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