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Batelco Statement re Acquisition of Zain KSA Stake

Batelco Statement re Acquisition of Zain KSA Stake

Manama, Bahrain: Batelco Group confirmed today that its offer to acquire Zain Group's 25% stake in Zain KSA expired.

Batelco Group CEO, Peter Kaliaropoulos stated, "We believe the Batelco Consortium presented a very fair and reasonable offer to Zain Group.

"Our offer also involved a significant amount of new cash to be injected into Zain KSA as working capital to accelerate its growth in a highly competitive market. Ensuring that both Zain Group and Zain KSA appropriately benefit was at the core of our offer," added Mr. Kaliaropoulos.

"Negotiations were amicable but we did not reach a suitable deal," he concluded.

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