Clarification from Batelco Group regarding the Non-Binding Offer, Jointly submitted with Kingdom Holding to the Board of Directors of Zain Kuwait to Acquire Its Stake In Zain Saudi
Further to announcements on 13 Mar 2011, by both Batelco Group (Batelco) and Kingdom Holding Company (KHC) to Bahrain Bourse, CBB, various Authorities and the general press, Batelco announced today that the Kingdom-Batelco Consortium has received acceptance of its non-binding offer from the Board of Directors of Zain Kuwait.
Contrary to unfounded speculation in the press over the last 24 hours, the Consortium’s offer is based on (USD) $950 million in cash and is subject to the findings of the due diligence exercise and other approvals which could take at least six weeks. The consortium’s offer does not include undertakings for the assumption of (USD) $3.8 billion of Zain KSA’s debt.
Shareholders of Zain Kuwait, Zain KSA, KHC and Batelco will be informed of any further material developments on a timely basis.