Saudi Telecom to buy towers from Atheeb for SAR 230 mln

31/01/2017 Argaam

Etihad Atheeb Telecommunication Co. has inked a deal on Monday to sell transmission towers to Saudi Telecom Co. (STC) for a total value of SAR 230 million, both companies said in separate statements to the Saudi bourse.

 

The book value of the telecommunication towers stands at SAR 44 million, according to Atheeb.

 

Atheeb added that the financial impact from the deal will be defined later on by the company’s external auditor and will show in Q4-2017.

 

The sale will help boost the telecom operator’s other income, fulfill its liabilities and cover future needs.

 

Meanwhile, STC said the deal will be financed by the company’s internal resources, adding that there will be no material impact either on its financial results or its obligations.

 

The agreement will come into effect once Atheeb obtains the necessary regulatory approvals and no parties are related to the deal, the statements added. 

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