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Sun 13 Feb 2011 10:58 AM

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Alwaleed's Kingdom extends Zain offer for a second time to Feb 16

Kingdom Holding made a non-binding offer on Jan 31 for Zain's 25% stake in its Saudi unit

Alwaleed's Kingdom extends Zain offer for a second time to Feb 16
PURCHASE OFFER: Kingdom Holding made a non-binding offer on Jan 31 for Zains 25% stake in Zain Saudi (Getty Images)
Alwaleed's Kingdom extends Zain offer for a second time to Feb 16
PURCHASE OFFER: Kingdom Holding made a non-binding offer on Jan 31 for Zains 25% stake in Zain Saudi (Getty Images)

Saudi investment firm Kingdom Holding said on Sunday it has extended, for the second time, its offer to buy the Saudi telecoms asset of Kuwait-based operator Zain to February 16.

Kingdom, owned by Saudi billionaire and Citigroup investor Prince Alwaleed bin Talal, made a non-binding offer on January 31 for Zain's 25 percent stake in Zain Saudi. The offer was due to expire on February 13.

"The firm has agreed to extend the offer for the second time until 5 p.m. time on Wednesday, February 16 and that is according to the request of the board of Kuwait's Zain," Kingdom Holding said in a bourse statement on Sunday.

Zain must sell its Saudi assets to clear the way for the UAE's Etisalat to complete its $12bn bid for a controlling 46 percent stake in Zain.

Kingdom did not say what it would pay to buy the stake.

Kingdom is in financing talks with banks for its proposed acquisition of the Saudi assets, a Kingdom executive said in published remarks earlier this month.

 

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