Zain Saudi Tumbles Most in Six Weeks After Stake Sale Abandoned
October 01, 2011, 11:07 AM EDTBy Mourad Haroutunian
Oct. 1 (Bloomberg) -- Mobile Telecommunications Co. of Saudi Arabia, or Zain Saudi Arabia, tumbled the most in six weeks after Kingdom Holding Co. and Bahrain Telecom Co. 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.
--Editors: Digby Lidstone, Steve Bailey
To contact the reporter on this story: Mourad Haroutunian in Riyadh at mharoutunian@bloomberg.net
To contact the editor responsible for this story: Shaji Mathew at shajimathew@bloomberg.net
