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Saudi Zain in talks with local, international parties on sale of stake

Saudi Zain in talks with local, international parties on sale of stake

Mobile Telecommunications Company Saudi Arabia, or Saudi Zain, is talking to local and international investors for the sale of a stake owned in the company by its parent, Mobile Telecommunications Co., or Zain, with the sale likely to take place a year from the potential conclusion of a deal between Etisalat and Zain, the company’s chairman said Thursday. “It’s all based on when the deal between Etisalat and Zain group is done, it’s not a done deal yet,” Prince Hussam Bin Saud Bin Abdulaziz Al Saud said at the World Economic Forum’s Middle East meeting in Morocco.

“If its done, then we have a year to finish,” Al Saud told reporters on the sidelines of the event. Al Saud earlier Thursday told Al Arabiya television that the company was in talks with a number of investors interested in parent company Zain’s stake, but that approval of Saudi stakeholders would essentially determine who the investment party is. “It doesn’t have to be an operator, it could be just investors,” he told reporters. It could be a consortium, it could be a financial institution, it could be an operator–anything,” he said.

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