Riyadh – Mubasher: Mobile Telecommunication Company Saudi Arabia (Zain) has signed a SAR 2.52 billion ($670 million) agreement with IHS Holding for the sale and leaseback of 8,100 towers. 

Under the agreement, Zain will sell the towers and lease them back for an extendable 15-year term, according to a bourse statement.

The deal also includes the building of other 1,500 towers within the coming six years.

In February, Zain reported that its accumulated losses declined to 30.84% of its SAR 5.837 billion ($1.56 billion) capital from 38.77% previously.

The Saudi telecom operator’s accumulated losses amounted to SAR 1.8 billion as at 31 December 2018.