- KUWAIT CITY: An investment consortium led by Al Riyadh Group has made an offer to buy the Saudi Arabian assets of Kuwait-based operator Zain, an official source said in published remarks on Monday.
“Zain takes any offer it receives into consideration, as it is clearly interested in selling the stake,” the source told Arabic language newspaper Al-Qabas.
Saudi investment firm Kingdom Holding and Batelco have already made offers for the 25 percent stake in Zain Saudi, valued at around $741 million.
On Sunday, Kingdom said it extended the offer for the second time to Feb 16.
Zain received the new official offer on Sunday, said the source, adding that the offer indicates the Kuwaiti telcos deal to sell a 46 percent stake to Abu Dhabi’s Etisalat was in progress.
