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Mobile Telecommunication Company Saudi Arabia announces signing a Memorandum of Understanding with Etihad Etisalat Company (Mobily)

ZAIN KSA 7030 -8.68% 12.62 -1.20
Element List Explanation
Introduction Mobile Telecommunication Company Saudi Arabia (ZAIN KSA) signed MoU with Etihad Etisalat Company (Mobily) to form a joint committee from both companies, to prepare and offer a request for proposal (RFP) with the options of purchasing the telecommunications towers owned by the two companies, merging them into one company with other investors or operating them on their behalf. Provided that the offer of RFP must be prepared within thirty days from the date of signing this memorandum.
Memorandum Signing Date 2020-07-02 Corresponding to 1441-11-11
Counterparty Etihad Etisalat Company (Mobily)
Memorandum Subject Forming a joint committee from both companies, to prepare and offer a request for proposal (RFP) with the options of purchasing the telecommunications towers owned by the two companies, merging them into one company with other investors or operating them on their behalf.
Memorandum Duration Unspecified duration
Related Parties The MOU does not include any parties related to Zain KSA.
Financial Impact There is no Financial Impact
Additional Information Note that the signed MoU with Etihad Etisalat Company (Mobily) is not obligatory, and any agreement will be subject to the regulatory approvals and conditions, and the internal approvals of both companies. Any material developments will be announced in due course.

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