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Zain Saudi stake sale due diligence seen by end Aug
Saudi Kingdom and Bahrain's Batelco eyeing stake; Due diligence on stake sale seen finished by Aug-end
June 15, 2011 2:45 by p.deleon
Zain expects due diligence on its $950 million sale of a quarter-stake in affiliate Zain Saudi to be completed by the end of August, the Kuwaiti telco said in a statement on Wednesday.
Zain Saudi on Tuesday said it will immediately open its books to joint bidders Bahrain Telecommunications (Batelco) and Saudi billionaire Prince Alwaleed’s Kingdom Holding.
“Due diligence process is expected to be completed by end of August 2011,” Zain said in a statement to the Kuwait bourse.
Zain, Kingdom and Batelco signed the terms sheet for the deal in April and the delay in starting due diligence had raised questions whether it would go forward.
Uncertainty on the stake sale has weighed on Zain Saudi’s shares, which slumped to a five-week low on Saturday.
Zain shares gained 1.9 percent at 0710 GMT on the Kuwait bourse. (Reporting by Matt Smith; Editing by Dinesh Nair)