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Zain KSA, Mobily to raise participation in telecom towers

Zain KSA, Mobily to raise participation in telecom towers
The MoU was signed on 2 July
ETIHAD ETISALAT
7020
-0.37% 27.10 -0.10
ZAIN KSA
7030
-0.17% 11.42 -0.02

Riyadh - Mubasher: Mobile Telecommunication Company Saudi Arabia (Zain KSA) has signed a Memorandum of Understanding (MoU) with Etihad Etisalat Company (Mobily) to form a joint committee from both parties.

The committee will prepare and offer a request for proposal (RFP) to buy the telecommunications towers owned by the two companies, merge them into one company with other investors, or operate them on their behalf, the two companies said in separate bourse filings on Sunday.

The collaboration aims to raise participation in telecom towers to achieve maximum efficiency while improving the communication and information technology system under the supervision of the Communications and Information Technology Commission (CITC).

Moreover, the memorandum was signed on 2 July and has no material impact. The offer of RFP shall be completed within 30 days from the MoU signing date.

The signed MoU is not binding, the statement said, adding that any agreement shall be subject to regulatory approvals and conditions as well as internal approvals of both parties.