Batelco & Kingdom Holding Consortium Statement Regarding Due Diligence for the Zain Saudi Deal
The Batelco- Kingdom Holding Consortium, was granted access to Zain Saudi’s records thus ensuring the deal can progress to the final stages.
The Board of Directors of Zain Saudi, at a meeting held earlier today, approved a non binding Term Sheet with the Kingdom Holding Company and Batelco Group Consortium, which paves the way for due diligence to be completed for the sale of 25% stake in Zain Saudi .
All companies involved expressed their complete satisfaction with the outcome.
On behalf of Kingdom Holding Company, Mr. Ahmed Halawani, Executive Director and member of the Board said “we just cleared a major milestone towards a successful closure. All parties negotiated in a very consultative and professional manner to ensure value is created for Zain KSA and their respective shareholders. We will continue to work as one team to conclude the due diligence stage smoothly and successfully and ensure that Zain KSA rapidly and profitably builds market share”
Batelco Group CEO, Peter Kaliaropoulos, commented that “we were always confident that the Consortium would satisfactorily address all matters raised by Zain Saudi. This is a complex transaction involving four different companies. Understandably all issues relating to the Due Diligence exercise and the scope and commercial terms of the Management Agreement required careful consideration and negotiation by all parties. We are all pleased with the agreement reached and remain focused on accelerating Zain’s growth and value to its customers in KSA”.
Due Diligence is expected to be completed by end of August and the transaction finalised by the end of Q3.