“Subject to the terms and conditions of our consortium’s offer remaining acceptable to Zain Group Kuwait and Zain KSA, we will proceed with the due diligence exercise,” the company announced in a statement on Monday.

KHC announced earlier that Zain Kuwait board of directors had accepted the non-binding joint offer from Kingdom Holding and Batelco Group to acquire 25 percent of Zain Saudi Arabia.

Prince Alwaleed commented: “We are continuing to execute our joint offer from Kingdom Holding and Batelco Group.”