Saudi Arabia's Kingdom Holding Company (KHC) will complete due diligence on its joint $950 million bid to buy a quarter-stake in telecoms operator Zain Saudi by the end of September, Kingdom said in statement to the Saudi bourse on Saturday.

Kuwait's Zain in March agreed to sell its stake in indebted affiliate Zain Saudi to joint bidders Kingdom and Bahrain Telecommunications co (Batelco).

'Kingdom Holding announces that it is signing an agreement to end due diligence for the sale of the Zain Kuwait stake in Zain Saudi by the end of September 2011,' the statement said.

This announcement comes after Batelco chief executive Peter Kaliaropoulos told Reuters this week that the deal was still weeks away from completion.-Reuters