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Kingdom Holding Co. — M&A Activity 2011
Mar 14, 2011
53428_rns_2011-03-14_6f1b8cdf-5c84-4974-a8a1-6c7308fa2d3a.html
M&A Activity
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Amendment from Kingdom Holding to the Declaration of the Non-Binding Offer And A Preliminary Expression Jointly with Bahrain's Batelco Group Sent to the Board of Directors of Zain Kuwait to Acquire Its Stake In Zain Saudi
4280 · 14/03/2011 08:02:49 · Announcement #20754 · View on Saudi Exchange
Amendment from Kingdom Holding to the Declaration of the Non-Binding Offer And A Preliminary Expression Jointly with Bahrain's Batelco Group Sent to the Board of Directors of Zain Kuwait to Acquire Its Stake In Zain Saudi
Further to the companys announcement on the Tadawul website on 13/03/2011 regarding the non-binding offer and a preliminary expression of interest to acquire Zains Kuwait stake in Mobile Telecommunications Company Saudi Arabia (Zain KSA) on 13/03/2011, Kingdom Holding Company (KHC) announced today that it has received a preliminary acceptance of the non-binding offer and a preliminary expression from the Board of Directors of Zain Kuwait. The consortium's offer is 950M dollars in cash and is subject to the findings of the due diligence, which could take at least six weeks, once the consortium receives approval to start the process from Zain KSA. Shareholders of Zain Kuwait, Zain KSA, KHC and Batelco Group will be informed of any further material developments on a timely basis.
The consortiums offer does not include the assumption of $3,800 million of Zain KSAs debt.
The Capital Market Authority and Saudi Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.