- KUWAIT CITY: A majority of the board of Zain has approved an offer by Kingdom Holding and Bahrain Telecom (Batelco) for the Kuwait telecom firm’s Saudi assets, sources familiar with the matter said.
The board approved the offer with a vote of five to two, one source said.
Kingdom Holding and Batelco offered to buy the assets at 10 Saudi riyals ($2.67) per share, paying $1.2 billion in total, and agreeing to take over $3.8 billion of debt, another source said.
