Kingdom Holding Company said on Saturday that the group planning to buy Zain Kuwait’s stake in Zain Saudi Arabia expect to complete due diligence by the end of this month.
Kingdom added in a statement on the Saudi bourse website that the group intends to move to complete its proposed acquisition of Zain Saudi “as soon as all outstanding conditions are satisfactorily negotiated with all parties concerned”.
The investment company owned by Saudi billionaire Prince Alwaleed bin Talal launched a joint bid with Bahrain's Batelco for $950 million in March.
In July, Batelco said it will likely complete its joint purchase of the stake within eight weeks.
Zain Saudi Arabia reported a lower net loss in the second quarter compared with a year earlier, the wireless carrier said in July.
Zain Saudi Arabia made a net loss of SR448 million ($119m) in the three months to end-June, compared with a net loss of SR632 million in the same period a year earlier.
From / Arabian Business News