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Batelco Submits Offer for Acquisition of 25% of Zain KSA

Batelco Submits Offer for Acquisition of 25% of Zain KSA

Manama, Bahrain: Batelco Group, listed on the Bahrain Bourse (Bahrain Telecommunications Company - BATELCO), the leading telecommunications company in Bahrain and a regional operator with over 9.2 million customers, today announced that it has submitted an offer to acquire all the shares owned by Zain Group in Mobile Telecommunications Company Saudi Arabia (Zain KSA).

Peter Kaliaropoulos, Batelco Group Chief Executive stated: "Batelco Group has submitted a confidential, non binding offer to acquire Zain Group's 25% stake in Zain KSA. Our offer is subject to due diligence and a number of terms and conditions, including approvals from Regulatory Authorities such as Communications & Information Technology Commission (CITC) and Capital Market Authority (CMA), Zain KSA Board Directors, and other relevant parties."

"Our offer remains valid till 16 February 2011," he added.

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