Logo of Mobile Telecommunication Company Saudi Arabia
Mobile Telecommunication Company Saudi Arabia (Zain KSA) clarified today, March 28, that the board’s decision to approve the final offers by the Public Investment Fund (PIF), Prince Saud bin Fahad and Sultan Holding Co. to acquire stakes in its towers infrastructure, was unanimous.
The decision excluded votes from Prince Naif bin Sultan, Raied Al Saif, Saud Al-Bawardi, and Hisham Attar since they are related parties once the transaction is completed.
Prince Naif is Chairman of Sultan Holding Co., while Al Saif works in the same company.
Attar works for PIF, while Al-Bawardi is working for United Co., where Prince Saud bin Fahd bin Abdulaziz has an interest.
Zain KSA will work with the parties to execute the final offers, which are subject to obtaining the required approvals from relevant authorities and other conditions agreed upon between the parties.
The telco will announce any material developments in due course.
In February, Zain KSA’s board of directors approved the final offers received from PIF, Prince Saud bin Fahad and Sultan Holding Co.
The final offers were submitted to acquire stakes in Zain KSA’s tower infrastructure, comprising 8,069 towers, valued at SAR 3.026 billion ($807 million).
PIF, Prince Saud bin Fahad, and Sultan Holding will acquire 60%, 10%, and 10% stakes, respectively, in the tower infrastructure. On the other hand, Zain KSA will own the remaining 20% stake.
The PIF’s final offer includes a call option to buy the remaining 20% stake from Zain KSA for a certain consideration.
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