Publication Date:
Tue, 2011-05-24 20:20
Bahrain Telecommunications’ (Batelco) joint $950 million bid for a stake in Zain Saudi has hit a snag over management rights, Reuters had reported on Sunday.
Kingdom Holding Company (KHC), owned by Prince Alwaleed bin Talal, and Batelco said discussions to obtain a stake of Zain Kuwait in Zain Saudi would continue between the different parties concerned.
“Negotiations between all concerned parties are still under way and all parties are committed to starting the due diligence process and to concluding this transaction successfully,” Batelco said in a statement.
Kuwaiti group Zain agreed to sell the 25 percent stake to Batelco and KHC in March.
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