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Batelco Statement RE Suspension of Shares

Batelco Statement RE Suspension of Shares

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.