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Zain acquires new spectrum at SAR 624m

Zain acquires new spectrum at SAR 624m
The Saudi telecom operator will fund the spectrum’s fees from its operating flows and existing reserves.
ZAIN KSA
7030
0.14% 13.82 0.02

Riyadh – Mubasher: Mobile Telecommunication Company Saudi Arabia (Zain) announced acquiring 100 MegaHertZ (MHZ) of the additional spectrum in the 3.5 gigahertz (GHz) spectrum for 15 years at a value of SAR 624 million.

The spectrum will be available from 1 January 2020, while the amount will be paid in equal annual installments over 13 years starting from 1 January 2022, according to a bourse filing.

Zain will use the acquired spectrum to provide 5G services in the kingdom.

The Saudi telecom operator will fund the spectrum’s fees from its operating flows and existing reserves.

“The combined spectrum assets, some which have been already deployed in the Saudi market, will significantly improve throughput rates and experience for heavy data users and allow for deployment of future network technologies, including 5G at lower total capital expenditure,” the statement added.

During the full-year 2018, Zain reported an increase in net profits, logging SAR 332 million, compared to SAR 12 million in 2017.

The Tadawul-listed firm last February announced trimming its accumulated losses to SAR 1.8 billion.

By 10:29 am Saudi time, Zain’s stock rose 0.98%, reaching SAR 10.28.