Complex Made Simple

Kingdom Holding gains slightly on Zain purchase preparations

The Saudi Tadawul exchange on Saturday added 0.22% to reach 6,138.06 points, despite very negative input from Western markets from Friday. Shares of Kingdom Holding Company (KHC), the investment firm owned by HRH Prince Al-Waleed Bin Talal, gained 0.68%, closing at SR7.45. Earlier in the day, KHC announced that the consortium to purchase Zain Kuwaits stake in Zain Saudi Arabia anticipates completing due diligence by the end of September 2011. "The Consortium intends to move to complete its proposed acquisition of Zain Saudi based on term sheets signed in April and July of 2011 with Zain Group and Zain Saudi Arabia respectively, as soon as all outstanding conditions are satisfactorily negotiated with all parties concerned," KHC says in a statement published on the Tadawul website. Most banks also edged higher at the Saudi Stock Exchange. Eighty shares gained, 50 declined and 15 ended even.