[bloomberg] The sale of Mobile Telecommunications Co. unit Zain Saudi Arabia will be completed two months after due diligence, according to Prince Alwaleed bin Talal, who’s buying a chunk of the company.
Due diligence may take as much as 45 days, Alwaleed, the Saudi billionaire who controls investment company Kingdom Holding Co. (KINGDOM), told reporters in Kuwait City today.
“We started thorough studies of all Zain Saudi books and papers which will take up to about a month, or a month and a half,” Alwaleed said. “If things go well, we expect the completion of purchasing Zain Saudi from Zain Kuwait in the two months that follow.”
Bahrain Telecommunications Co., the island nation’s biggest phone company, and Riyadh-based Kingdom agreed on April 6 to buy a 25 percent stake in Zain Saudi Arabia. Kuwait’s Mobile Telecommunications is better known as Zain.
Zain Saudi’s Sale Expected Two Months After Due Diligence