Zain Group failed to sell a 25 percent stake in its Saudi unit because lenders refused to transfer debt guarantees from Zain to purchasers, Al Watan reported, citing Zain Saudi’s Chairman Prince Hussam al-Saud.
The Kuwaiti-operator is committed to restructuring Zain Saudi’s capital and is willing to provide the money required for the process, Saudi Al-Watan cited al-Saud as saying.
Kingdom Holding Co. (KINGDOM), controlled by Saudi billionaire Prince Alwaleed bin Talal, and Bahrain Telecom Co. (BATELCO) said on Sept. 29 they won’t proceed with an offer to buy Zain’s 25 percent stake in Zain Saudi Arabia, the kingdom’s third-largest mobile-phone company by market value, for $950 million.
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