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Zain Saudi CEO plots stake buyout plan-sources - ASHARQ AL-AWSAT English Archive
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LONDON/RIYADH, (Reuters) – Zain Saudi Arabia Chief Executive Saad al-Barrak, is looking for backers for a buyout of Zain’s 2.75 billion riyal ($733 million) stake in the company, four people familiar with the matter said on Wednesday.

“Al-Barrak has approached several Saudi and regional funds trying to put together money for the acquisition,” one of the people said.

Kuwaiti-based Zain has to sell its 25 percent stake in Zain Saudi for regulatory reasons so that its $12 billion sale of 46 percent of its stock to Etisalat, the Gulf’s second largest telecom operator by market value, can proceed.

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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