Kingdom, Batelco to start Zain deal due diligence
Both companies have received approval from the telco
Kingdom Holding and Bahrain Telecommunications (Batelco) are set to start due diligence for buying Mobile Telecommunications Company's stake in its Zain Saudi Arabia unit.
The move comes after both companies received approval from the telco, Kingdom said in a statement to the Saudi bourse on Saturday.
Kuwait's Mobile Telecommunications (Zain) said on Thursday it had signed a term sheet agreement with Batelco and Kingdom Holding to sell its stake in Zain Saudi Arabia.
Kingdom and Batelco made a joint offer for the stake last month.
Offloading the 25% holding in Zain Saudi was the pre-requirement of a $12bn takeover of parent Zain by the UAE's Etisalat.
The deal fell through last month after Etisalat walked away. Yet Zain is still pursuing the Zain Saudi stake sale, despite Etisalat withdrawing its offer last month, citing Zain's divided board and regional unrest.