Zain to sign Saudi operations stake sale next week | The Daily Star
12:00 AM, March 21, 2011 / LAST MODIFIED: 12:00 AM, March 21, 2011

Zain to sign Saudi operations stake sale next week

Kuwaiti telecoms operator Zain will sign a preliminary contract to sell a stake in affiliate Zain Saudi for $950 million by early next week, a Zain source told Reuters on Sunday.
The preliminary agreement will make all sides liable to pay an undisclosed break fee if they back out of the deal, the source said. The Saudi stake sale had been a prerequisite of Etisalat's $12 billion takeover of Zain.
Although Etisalat withdrew its offer on Saturday, Zain will still sell its quarter-stake in Zain Saudi to joint bidders Kingdom Holding 4280.SE and Bahrain Telecommunications Co BTEL.BH (Batelco), the source said.

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