Mobile Telecommunication Company Saudi Arabia “Zain KSA” announces an update on the Board of Directors' approval of the offers received from the Public Investment Fund (“PIF”), HRH Prince Saud Bin Fahad, and Sultan Holding Company, to acquire stakes in the “Zain KSA” towers infrastructure.

Mobile Telecommunication Company Saudi Arabia “Zain KSA” announces an update on the Board of Directors' approval of the offers received from the Public Investment Fund (“PIF”), HRH Prince Saud Bin Fahad, and Sultan Holding Company, to acquire stakes in the “Zain KSA” towers infrastructure.

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|Introduction|| "Zain KSA” announces the transfer of ownership of its subsidiary (“Zain Business Limited”) to PIF for a nominal value of SAR 10,000; PIF has subsequently changed the trade name of Zain Business Limited to The Golden Lattice Investment Company (“GLI”).

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Moreover, “Zain KSA” signed with GLI an Asset Purchase Agreement “APA”; whereby at least 8,069 sites will be transferred from “Zain KSA” to “GLI” for an aggregate value of SAR 3,026 million.

Upon the “Financial Completion” under the APA, “Zain KSA” will receive a cash proceed of SAR 2,421 Million along with a 20% equity stake in “GLI”.

“Zain KSA” has also signed a Shareholders’ Agreement “SHA” with PIF, HRH Prince Saud bin Fahd bin Abdulaziz, Sultan Holding Company, and “GLI” in respect of “GLI”, such that the shareholding structure of "GLI" upon Completion shall be: PIF – 60%; Zain KSA – 20%; HRH Prince Saud bin Fahad – 10% and Sultan Holding Company – 10%.

"The Financial Completion" under the APA is only achieved when the required licenses are obtained, and Zain KSA transfers at least 3,000 sites out of the 8,069 to GLI, then “The Financial Completion” date will be triggered and the above mentioned signed APA and SHA agreements