The Kingdom Batelco Consortium announced today that it will not proceed with making a binding offer to acquire Zain Group’s 25% stake in Zain KSA, according to a statement issued by Batelco.
This follows a period of due diligence and discussions with Zain Group and other stakeholders.
The Consortium concluded that the terms and conditions as set out in its non binding offer could not be met to its satisfaction.
Kingdom Holding Company (KHC) and Batelco Group in a joint statement said that the decision to not go ahead with the acquisition plan would be in the best interest of their respective shareholders.