Zain Business Limited, a Zain KSA subsidiary, gets approval from the Communications and Information Technology Commission (CITC) to acquire at least 8,069 of the telecom tower sites owned by Zain KSA.
This announcement comes months after Zain KSA’s board of directors has approved the binding offer submitted by the Kingdom’s Public Investment Fund (PIF) led consortium to acquire an 80% majority stake in the telco’s passive tower infrastructure, worth SAR 3.026 billion (USD 807 million).
In accordance with the rules and regulations, Zain Business Limited must first complete the necessary procedures to obtain a license that allows it to provide wholesale services for infrastructure (Class A tower and masts).
In retrospect, the agreed-upon consortium offer will see the PIF secure a 60% stake while Sultan Holding Company and Prince Saud bin Fahd bin Abdulaziz take a 10% stake each. Zain KSA will own the remaining 20% stake, with the PIF having a call option to buy this remaining 20% for a specified amount.