Waste management reform expands with private sector involvement: Environment Minister    Mideast infrastructure hit by advanced, 2-year cyber-espionage attack: Fortinet    SCZONE signs $18m agreement with Turkish Ulusoy to establish yarn factory in West Qantara    Egypt PM warns of higher oil prices from regional war after 1st Crisis Committee meeting    US firm VXI to create 4,000 jobs in Egypt in $135m expansion    Egypt's Foreign Minister discusses Mideast de-escalation with China FM, EU Parliament President    Egypt's gold prices fall for 3rd day on Wednesday    Egypt's FM holds talks with Arab counterparts over Iran-Israel escalation    Egypt's PM urges halt to Israeli military operations    Egypt sets 3-month goal to join world's top 50 in business readiness: minister    UN Palestine peace conference suspended amid regional escalation    Egypt advances integrated waste management city in 10th of Ramadan with World Bank support    Egypt, Japan's JICA plan school expansion – Cabinet    Egypt's EDA, AstraZeneca discuss local manufacturing    Egypt issues nearly 20 million digital treatment approvals as health insurance digitalisation accelerates    EGP opens flat against USD on Monday    Sisi launches new support initiative for families of war, terrorism victims    Egypt nuclear authority: No radiation rise amid regional unrest    Grand Egyptian Museum opening delayed to Q4    Egypt delays Grand Museum opening to Q4 amid regional tensions    Egypt expands e-ticketing to 110 heritage sites, adds self-service kiosks at Saqqara    Egypt's EDA joins high-level Africa-Europe medicines regulatory talks    Egypt's Irrigation Minister urges scientific cooperation to tackle water scarcity    Egypt, Serbia explore cultural cooperation in heritage, tourism    Egypt discovers three New Kingdom tombs in Luxor's Dra' Abu El-Naga    Egypt launches "Memory of the City" app to document urban history    Palm Hills Squash Open debuts with 48 international stars, $250,000 prize pool    Egypt's Democratic Generation Party Evaluates 84 Candidates Ahead of Parliamentary Vote    On Sport to broadcast Pan Arab Golf Championship for Juniors and Ladies in Egypt    Golf Festival in Cairo to mark Arab Golf Federation's 50th anniversary    Germany among EU's priciest labour markets – official data    Cabinet approves establishment of national medical tourism council to boost healthcare sector    Egypt's PM follows up on Julius Nyerere dam project in Tanzania    Egypt's FM inspects Julius Nyerere Dam project in Tanzania    Paris Olympic gold '24 medals hit record value    A minute of silence for Egyptian sports    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Kingdom, Batelco team on bid for Saudi Zain stake
Kingdom Holding Co., the investment company headed by Saudi billionaire Prince Alwaleed bin Talal, and Bahrain's Batelco Group launched a joint bid Sunday for telecom Zain's Saudi operations
AP Published in Ahram Online on 13 - 03 - 2011

The two suitors didn't say how much they were offering for the 25 percent stake, which they previously had pursued separately. Those earlier offers were unsuccessful.
Kuwait-based Zain has been seeking a buyer for its Saudi division as part of a $12 billion deal for the parent company from Etisalat, a state-run telecom headquartered in Abu Dhabi that has expanded rapidly beyond its home market in the United Arab Emirates.
Zain owns a quarter of the Saudi division that bears its name. Another 45 percent is publicly traded, with the rest held by private shareholders.
Batelco CEO Peter Kaliaropoulos said he is confident a successful joint KHC-Batelco bid will create additional value for his company's shareholders. He described Batelco's role as a "technical partner" to KHC in pursuing the deal.
"We value (KHC's) leadership and we look forward to supporting them through an effective technical and business partnership," he said.
Bahrain's government, which is facing stiff and prolonged opposition from anti-goverenment protesters, owns more than half of Batelco. The company provides telecom services under its name in the island kingdom and Egypt, and owns stakes in five other telecom firms in the Mideast and India.
KHC's investments include stakes in a number of blue-chip Western companies, including Citigroup Inc. and News Corp.
A Zain spokesman said the company would comment only after its board had met and made a decision on the offer. He spoke on condition of anonymity in line with company policy.
The offer is good until Monday morning.
Etisalat launched its bid for Zain in September, but the takeover effort has dragged on longer than it expected.
Zain must dispose of its Saudi stake to satisfy regulators because Etisalat already has a stake in mobile operations in the kingdom.

Clic here to read the story from its source.