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Kingdom to finish Zain Saudi due diligence end Sept - ASHARQ AL-AWSAT English Archive
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DUBAI, (Reuters) – Saudi Arabia’s Kingdom Holding will complete due diligence on its joint $950 million bid to buy a quarter-stake in telecoms operator Zain Saudi by the end of September, Kingdom said in statement to the Saudi bourse on Saturday.

Kuwait’s Zain in March agreed to sell its stake in indebted affiliate Zain Saudi to joint bidders Kingdom and Bahrain Telecommunications co (Batelco).

“Kingdom Holding announces that it is signing an agreement to end due diligence for the sale of the Zain Kuwait stake in Zain Saudi by the end of September 2011,” the statement said.

This announcement comes after Batelco chief executive Peter Kaliaropoulos told Reuters this week that the deal was still weeks away from completion.

Asharq Al-Awsat

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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