Mubasher: Mobile Telecommunications (Zain) signed a final sale and leaseback agreement valued at $130 million (KWD 40 million).

Zain Kuwait will sell 1,620 telecom towers to IHS Holding Limited Company, with Zain retaining 30% stake in the new tower company, according to a statement to the Kuwaiti bourse on Wednesday.

The transaction will have positive impact on Zain’s operations in Kuwait. Following the deal conclusion, Zain is likely to see an accounting gain worth approximately $43 million ($13 million) once it is realised.