Zain has provisionally accepted an offer from Prince Al-Waleed Bin Talal’s investment vehicle, Kingdom Holdings, and Bahrain operator Batelco to buy a 24 percent stake in its Saudi subsidiary. In a statement on the Saudi stock exchange, Kingdom Holding said the deal is worth SAR3.56 billion (US$949 million) – but the offer does not include US$3.8 billion of Zain Saudi Arabia’s outstanding liabilities. As reported by Mobile Business Briefing yesterday, the deal could pave the way for Etisalat to revive its bid for a 46 percent stake in Zain Group.
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