Mobile Telecommunication Co. Saudi Arabia’s (Zain Saudi) board of directors decided on Sunday to start exclusive negotiations with a consortium led by HIS Holding Co. and Towershare Management Co. for the sale and lease back of its passive infrastructure towers, it said in a statement on Tadawul.
The agreement expires on September 28, 2017 and replaces all previous agreements.
The telecom operator added that this non-binding agreement to begin negotiations doesn’t guarantee reaching a deal with the consortium and that any deal concluded will be subject to regulatory approvals.
In March 2016, the company’s chief executive said Zain was considering joint ownership or a sale of its 7,500 mobile transmitter towers to cut operating expenses and repay debts, Argaam earlier reported.
Kuwait-based Zain Group’s chief executive Scott Gegenheimer said his company expected to sell its transmitter towers in Saudi Arabia for over $500 million (SAR 1.88 billion) in the first half of 2017.
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