Manama, Bahrain: Following suspension of
Batelco shares on the Bahrain Bourse, Batelco Group Chief Executive
Peter Kaliaropoulos said that the Kingdom-Batelco Consortium
non-binding offer to acquire the 25% stake in Zain KSA received
endorsement from Zain Group Board on 14 March 2011.
"The Term Sheet is in line with the Consortium's non binding offer as submitted on 13 March 2011 and Zain's Group's acceptance on 14 March 2011."
"All parties look forward to the due diligence phase and approvals from all relevant authorities in KSA including Zain KSA Board," Mr. Kaliaropoulos added.