Batelco in a statement on Sunday said that both parties agreed on the key terms as Batelco to be the telecom operator in a revised bid to acquire 25% of Zain KSA from Zain Kuwait.
The meeting was attended by Prince Alwaleed, Shaikh Hamad Bin Abdulla Al Khalifa, Batelco Chairman, Peter Kaliaropoulos, Group CEO Batelco and Engineer Ahmed Halawani, Executive Director, KHC.
“We are pleased to announce that we reached agreement with Batelco Group to participate in the Kingdom Holding led consortium to acquire 25% of Zain KSA,” said Engineer Halawani.
“Today we submitted a revised non-binding offer to Zain Group for its 25% stake of Zain KSA, valid till 9.00 am on 14 March 2011. Should our offer meet with acceptance from Zain Group Board Directors, Kingdom Holding looks forward to leading the due diligence phase and negotiating the terms and conditions of the final binding agreement between all parties,” added Engineer Halawani.
“We are pleased with Zain KSA’s growth and accomplishments and we look forward to working with its Management under Dr. Saad Al Barrak’s leadership,” said Halawani.
“We are delighted to have the opportunity to jointly bid and support KHC in its efforts to acquire 25% of Zain KSA, as their technical partner,” said Kaliaropoulos.
“Batelco Group, with extensive regional wireless telecom experience across seven markets, supporting close to 10 million customers, is confident that it will deliver synergies to Zain KSA and accelerate value creation for all the shareholders. We value KHC’s leadership and we look forward to supporting them through an effective technical and business partnership,” he added.
Batelco Group, listed on the Bahrain Stock Exchange, is the leading integrated communications’ provider in the Kingdom of Bahrain and a company of reference among the region’s key telecommunication players for innovation and customer experience.
Batelco serves both the corporate and consumer markets in the most liberalised and competitive environment in the Middle East Africa region. It delivers cutting-edge fixed and wireless telecommunications services to its customers in Bahrain, Kuwait, Saudi Arabia, Jordan, Yemen, Egypt and India.