Kuwait – Mubasher: Mobile Telecommunications (ZAIN) on Tuesday stated signing a binding agreement with IHS Holding Limited in partnership with Towershare Management Limited at a value of $165 million to sell and leaseback its towers.
Zain plans to sell more than 1,600 towers in Kuwait, and it will remain its minority stake in the company that will be established for owning the towers, according to a statement to Boursa Kuwait.
The telecommunications provider forecasted that the transaction will be implemented in the first quarter of 2018.
By 9:44 am Kuwait time, Zain’s stock levelled down 4.33% to 508 fils.
