Saudi-based investment firm Kingdom Holding has extended its offer for Kuwaiti cellco Zain’s 25% stake in Zain KSA from 13 February to 16 February.
Kingdom said that Zain had requested the extension.
Kingdom is advised by RBS.
The stake has been valued…
Saudi-based investment firm Kingdom Holding has extended its offer for Kuwaiti cellco Zain’s 25% stake in Zain KSA from 13 February to 16 February.
Kingdom said that Zain had requested the extension.
Kingdom is advised by RBS.
The stake has been valued at around US$733m.
Riyadh Group, another investment group, has also lodged an offer for the unit, bringing the number of bids to three, reports Bloomberg, citing Al Qabas.
According to a Zain spokesperson cited by the paper, Zain will consider all offers since it is “clearly interested in selling the stake.”
The third bidder, Bahraini incumbent Batelco, launched an official but unspecified bid last week and is advised by Citi.
Zain Group, which needs to sell the Saudi stake as a condition for its US$11.7bn 46% takeover by UAE rival Etisalat, is advised by UBS and/or Credit Agricole.
