Saudi Atheeb interested in Saudi Zain - chairman

Saudi Atheeb interested in Saudi Zain – chairman

Abu Dhabi-based Etisalat has bid 1.7 dinars a share for a 46 percent stake in Zain, in a deal worth around $12 billion.

October 25, 2010 9:02 by Reuters

Saudi Arabia’s Etihad Atheeb Telecom is interested in the Saudi assets of Kuwait’s Zain al-Arabiya television quoted Atheeb’s chairman as saying on Sunday.

“If Zain Saudi is put up for sale there will be an opportunity, and both companies will complement each other,” Abdul-Aziz bin Abdul-Aziz Al Saud told the Dubai-based station according to its website.

Abu Dhabi-based Etisalat, the Arab world’s second-largest telecom operator by market value, has bid 1.7 dinars a share for a 46 percent stake in Zain, in a deal worth around $12 billion. A major Zain shareholder has said it will accept the offer.

Zain holds a 25 percent stake in Zain Saudi, the latest mobile phone operator in the top oil exporter.

Atheeb has won a licence to provide fixed-line services in the kingdom under the Go brand.

Atheeb has been struggling to compete with the likes of Saudi Telecom , Mobily and more recently Zain Saudi .

Earlier this month, Bahrain Telecom (Batelco) said it was interested in Zain’s Saudi assets.

(Reporting by Ulf Laessing; Editing by Jason Benham)