Announcement Detail

Mobile Telecommunications Company Saudi Arabia ("Zain KSA") announces the Board of directors' approval of the non-binding offers ("The offers") received from the Public Investment Fund ("PIF"), HRH Prince Saud Bin Fahad, and Sultan Holding Company, to acquire stakes in the Zain KSA towers infrastructure. The three entities would acquire 60%, 10% and 10% stake respectively while Zain KSA will own the remaining 20% stake. The offers valued the 8,069 Zain KSA towers at SAR 3,026 million (USD 807 million).

Under the terms of The offers, Zain KSA will sell its passive, physical towers infrastructure and retain all other wireless communication antennas, software, technology, and IPs.

Zain KSA will be working with the different parties on the best way to execute the offer. The Offers submitted do not represent any binding commitment and the final agreements are subject to the approval of the official authorities, internal approvals of the respective acquirers, the completion of satisfactory due diligence by the acquirers and any other conditions that may be agreed between the parties.

Any material developments will be announced in due course.