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KHC & Batelco not to proceed with binding offer to acquire Zain

December 26, 2011

HRH Prince Alwaleed Bin Talal Bin Abdulaziz Alsaud, Chairman of Kingdom Holding Company (KHC), announced today Thursday, 29 September 2011 that Kingdom Holding Batelco Consortium will not proceed with making a binding offer to acquire Zain Group’s 25% stake in Zain KSA.

Prince Alwaleed: “The interest of Kingdom Holding Company shareholders is our Priority”

This follows a period of due diligence and discussions with Zain Group and other stakeholders.The Consortium concluded that the terms and conditions as set out in its non binding offer could not be met to its satisfaction. Kingdom Holding Company and Batelco Group stated that this decision is in the best interests of their respective shareholders.