Mobile Telecommunications Co. of Saudi Arabia, or Zain Saudi Arabia, tumbled the most in six weeks after Kingdom Holding Co. (KINGDOM) and Bahrain Telecom Co. (BATELCO) abandoned their offer to purchase a stake.
The shares declined 2.4 percent, the largest loss since Aug. 14, to 6.10 riyals at the 3:30 p.m. close in Riyadh after trading down as much as 4.8 percent.
Kingdom and Bahrain Telecom, known as Batelco, said on Sept. 29 that they won’t proceed with a $950 million bid for Zain Group’s 25 percent stake in Zain Saudi Arabia, the country’s third-largest mobile-phone company by market value.
To contact the reporter on this story: Mourad Haroutunian in Riyadh at firstname.lastname@example.org
To contact the editor responsible for this story: Shaji Mathew at email@example.com