‎Zain KSA announces developments on acquisition of towers infrastructure

‎Zain KSA announces developments on acquisition of towers infrastructure

Mobile Telecommunication Company Saudi Arabia (Zain KSA) announced today, Sept. 8, the latest developments on the final offers received from the Public Investment Fund (PIF), Prince Saud bin Fahd and Sultan Holding Co. (SHC) to acquire its towers infrastructure.

The telecom operator received on Sept. 7 two no-objection letters from the Communications and Information Technology Commission (CITC), according to a statement to Tadawul.

CITC green lighted Zain KSA to sign the shareholders agreement with PIF, Prince Saud bin Fahd bin Abdulaziz, and SHC regarding Zain Business Limited Co.

The Tadawul-listed telco was also approved by CITC to sign the asset purchase agreement with Zain Business Limited Co.

Zain KSA stated that it will work with all the parties to complete the licensees and signing of the transaction agreements. However, the final offers are subject to obtaining the required approvals from the relevant official authorities and any other conditions agreed by the parties.

In February, the telco’s board of directors approved the final offers received from the PIF, Prince Saud bin Fahd, and SHC after completing the due diligence and internal approvals of all parties, Argaam earlier reported.

The final offers were submitted to acquire stakes in Zain KSA’s towers infrastructure, comprising 8,069 towers, valuing these assets