Zain Saudi sale may yet go ahead even after Etisalat cancels $12bn acquisition offer

Kuwaiti mobile operator Zain may still sell its 25% stake in Zain Saudi to Saudi investment vehicle Kingdom Holding and Bahrain Telecommunications Co (Batelco), even though Abu Dhabi mobile operator Etisalat withdrew its $12bn offer for a 46% stake in Zain on March 19. The sale of Zain’s Saudi subsidiary was a condition of the acquisition laid down by the Saudi regulator.