Riyadh – Mubasher: Mobile Telecommunication Company Saudi Arabia (Zain KSA) has received a letter of notification from the Communications and Information Technology Commission (CITS) on 20 June 2019 regarding the mobile towers.

The Saudi commission said that IHS Holding Limited (IHS) did not meet the regulatory requirements to purchase and lease Zain’s mobile towers; therefore, Zain KSA will not sell the towers to IHS, according to a bourse filing to the Saudi Stock Exchange (Tadawul) on Sunday.

Zain KSA clarified that this decision will not have any financial impact.

It is worth noting that this announcement was a follow up to Zain KSA’s disclosure on 27 March 2019 which included an agreement valued at SAR 2.52 billion for selling and releasing the infrastructure or the mobile towers.