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Batelco CEO: will proceed with Zain Saudi stake buy - ASHARQ AL-AWSAT English Archive
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DUBAI, (Reuters) – Bahrain Telecommunications BTEL.BH will proceed with its joint $950 million cash bid for a stake in Zain’s Saudi unit despite the end of the Kuwaiti firm’s $12 billion deal with Etisalat. Batelco’s chief executive said on Saturday.

Batelco teamed up with Saudi billionaire Prince Alwaleed bin Talal’s Kingdom Holding to bid for Zain’s 25 percent stake in Zain Saudi Arabia.

“We were not buying Zain, we were buying a stake in Zain KSA and we are still interested in that,” Batelco CEO Peter Kaliaropoulos told Reuters from Riyadh. “Now the question is will Zain still sell it. But we will proceed.”

Etisalat scrapped its offer on Saturday to buy a controlling stake in Zain.

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Asharq Al-Awsat

Asharq Al-Awsat is the world’s premier pan-Arab daily newspaper, printed simultaneously each day on four continents in 14 cities. Launched in London in 1978, Asharq Al-Awsat has established itself as the decisive publication on pan-Arab and international affairs, offering its readers in-depth analysis and exclusive editorials, as well as the most comprehensive coverage of the entire Arab world.

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