The Clap
Zain (7030) revealed the latest developments related to the offers submitted by the Public Investment Fund, Prince Saud bin Fahd bin Abdulaziz and Sultan Holding Company for the acquisition of the infrastructure of the company’s towers.
The Deets
Zain Saudi Arabia said it had received two letters from the Communications and Information Technology Commission (CITC).
The first letter indicated that the authority had no objection to signing the partners’ agreement with regard to Zain Business.
The second letter confirmed the authority’s approval that Zain would sign an asset purchase agreement with Zain Business.
What this Means
In May 2022, the company announced that the CITC had accepted the acquisition by Zain Business of Zain’s communication towers on at least 8,069 sites.
Based on the offers, the PIF, Prince Saud bin Fahd bin Abdulaziz and Sultan Holding Company will acquire 60%, 10%, and 10% stakes respectively in the infrastructure of Zain’s towers.
Zain will retain ownership of the remaining 20% stake, which is valued at SAR 3026 million.
What Now
Final offers, including any other terms agreed upon between all parties, are subject to obtaining the approvals of the relevant official authorities.
Zain reveals latest developments over its tower’s acquisition 🤝
