Zain signs term sheet for Saudi unit stake sale

KUWAIT, (Reuters) – Kuwaiti telecoms firm Zain said on Thursday that it signed a term sheet with Kingdom Holding  and Batelco for the sale of its stake in Zain Saudi.

“Zain signed yesterday the term sheet for the non-binding offer, with Kingdom-Batelco consortium…to buy Zain’s 25 percent stake in Zain Saudi,” the firm said in a statement on the Kuwaiti bourse website on Thursday.

The agreement includes all the terms that Zain had set for the buyers, the firm said.