Hijjah 02, 1431, Nov 08, 2010, SPA -- Zain Saudi Arabia (Zain KSA) Monday confirmed that the Board of Directors of Mobile Telecommunications Company KSC-Zain met on November 7, 2010 to discuss the request of Al-Khair National for Stocks and Real Estate Co., which has a large Zain shareholding, to approve and allow Etisalat to commence a process of due-diligence with a view to acquiring the latter's and other associated parties' equity in the company. A press release today stated that the approval was given and that this comes following the announcement by UAE Telecommunications Corporation "Etisalat" of a formal, conditional offer to acquire 51 percent of the Zain shares traded on the Kuwait Stock Exchange. The release stressed one of the conditions in the deal is the sale of the Zain Group's stake in Zain Saudi, which is 25 percent, adding the details and developments would be made public as soon as possible. Zain Saudi had proposed a restructuring of the capital through reduction of capital to cover all or part of accumulated losses, and that this be followed by an increase in company capital later on. The company said Zain's executive management will fully cooperate with Etisalat in completing all the necessary procedures of the due-diligence, while at the same time ensuring the preservation of the company and shareholder interests. --MORE