Bloomberg News

Zain Saudi Tumbles Most in Six Weeks After Stake Sale Abandoned

October 01, 2011

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


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