Riyadh – Mubasher: The Saudi Mobile Telecommunications Company announced “Zain Saudi Arabia” On the approval of the company’s board of directors of the non-binding offers submitted by the Public Investment Fund, Prince Saud bin Fahd bin Abdulaziz, and Sultan Holdings; To acquire stakes in the infrastructure of the company’s towers at 60%, 10% and 10%, respectively.
The company said in a statement to “Tadawul” today, Tuesday, that it will retain ownership of the remaining 20 percent stake%.
It noted that under the terms of the Offers; Zain Saudi Arabia sells only the structure of the towers, and all other components of wireless communication antennas, software, technologies and intellectual property remain the property of Zain Saudi Arabia.“.
It confirmed that the bids estimated the value of the infrastructure, consisting of 8,069 towers, at 3,026 million riyals ($807 million).).
And she added, “Zain Saudi Arabia” will work with all parties to determine the best way to complete the acquisitions, noting that the offers submitted are not binding, and that the final agreements are subject to the approval of the official authorities, the internal approvals of all parties, the completion of due diligence checks, and any other conditions agreed upon between the parties..
The increase in costs reduces the profits of “Zain Saudi Arabia” by 28.8% in the second quarter of 2021
“Mobily announces the latest developments regarding the integration of telecom towers with Zain Saudi Arabia“