Publication Date:
Mon, 2011-02-14 01:32
The company made the non-binding offer on Jan 31 for Kuwait-based Zain's 25 percent stake in Zain KSA. This was due to expire on Sunday.
"The firm has agreed to extend the offer for the second time until 5pm on Wednesday, February 16 and that is according to the request of the board of Kuwait's Zain," KHC's statement added.
Eng Ahmed Halawani, executive director, private equity and international investments, said: "Zain Kuwait received a reasonable offer from Kingdom Holding."
Zain must sell its Saudi assets to clear the way for the UAE's Etisalat to complete its billion bid for a controlling 46 percent stake in Zain.
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