To Kingdom come; KHC extends offer for Zain Saudi Arabia until 16 February

14 Feb 2011

Reuters reports that Kingdom Holding Company (KHC), an investment firm run by billionaire Prince Alwaleed Bin Talal, has extended, for the second time, its offer to buy Zain Saudi Arabia. KHC made a non-binding offer on 31 January for Zain’s 25% stake in the Saudi cellco, which was due to expire on 13 February but will now do so on 16 February. The move comes in the wake of a request from Zain. The Kuwaiti company must sell its Saudi assets in order for UAE’s Etisalat to complete its USD12 billion bid for a 46% stake in Zain.

Reuters reports today that an investment consortium led by Al Riyadh Group is the third party to make a bid for the 25% stake in Zain Saudi, following offers from KHC and Bahrain’s Batelco.

Saudi Arabia, Zain Group, Zain Saudi Arabia