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Zain Saudi Arabia (Zain KSA) had agreed to sell 80% stake of its tower infrastructure. The buyout offer presented by a consortium consisting of the Public Investment Fund, Prince Saud bin Abdulaziz, and Sultan Holding Company was approved by Zain Saudi Arabia’s board of directors.
The infrastructure of the company’s 8,069 towers accounted for 80% of the total, valued at SAR 3,026 million.
After receiving an offer from the alliance to acquire stakes in the towers’ infrastructure, the Board of Directors of Zain KSA approved the arrangement.
The sale was split into three parts: 60% for the Public Investment Fund, 10% for Prince Saud bin Fahd bin Abdulaziz, 10% for Sultan Holding Company, and 20% for Zain Saudi Arabia.
The agreement is in keeping with the Public Investment Fund’s policy of assisting the Kingdom’s development of innovation capabilities in order to make it a global competitive centre in the communications, media, and technology sector.
The agreement will also help to shape Zain Saudi Arabia’s investment strategy, which will be centred on innovation and high-quality services for end users.