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THE Kingdom Holding Company-Batelco Consortium has received acceptance of its non-binding offer from the board of directors of Zain Kuwait.
Contrary to unfounded speculation in some press reports, the consortium's offer is based on $950 million in cash and is subject to the findings of the due diligence exercise and other approvals which could take at least six weeks.
The consortium's offer does not include undertakings for the assumption of $3.8 billion of Zain KSA's debt.
Shareholders of Zain Kuwait, Zain KSA, KHC and Batelco will be informed of any further material developments on a 'timely basis'.
