Riyadh – Mubasher: Mobile Telecommunications Company Saudi Arabia’s (Zain KSA) board has approved the non-binding offers received to acquire 80% equity in the telecom firm’s towers infrastructure.
The Public Investment Fund (PIF) will own 60% of the towers, while Prince Saud bin Fahad as well as Sultan Holding Company will hold stakes of 10% each. Zain KSA will own the remaining 20% stake, according to a bourse filing on Tuesday.
The acquisition transaction stood at SAR 3.02 billion ($807 million).
Earlier today, Zain KSA announced that no agreement was reached regarding the acquisition of Zain-Mobily telecom towers.
