Saudi PIF Offers to Buy Majority Stake in Zain Saudi’s Towers
Posted on 09/07/2021
UPDATE: Zain KSA has approved offers from three organizations, including PIF, to acquire 80 percent in its tower infrastructure. The offers are valued at SR3.026 billion ($807 million) for 8,069 towers, the company said in a bourse filing.
Saudi Arabia’s Public Investment Fund (PIF) made a non-binding offer to acquire a 60% stake in Zain Saudi’s towers infrastructure. Mobile Telecommunication Company Saudi Arabia (Zain KSA) plans to keep a 20% stake in it. Sultan Holding Company offered to buy a 10% stake in Zain Saudi’s towers. Saudi Prince Saud bin Fahad offered to buy a 10% stake in Zain Saudi’s towers.
The deal would value the Zain Saudi’s towers infrastructure unit at 3 billion Saudi riyal.
Kuwait-based telecommunications firm Zain (Mobile Telecommunication Company K.S.C) owns 37.05% of Zain KSA. Faden Trading & Contracting Establishment owns 5.97% of Zain KSA.
Saudi Plastic Factory owns 5.85% of Zain KSA.