Riyadh – Mubasher: The board of Mobile Telecommunications Company Saudi Arabia (Zain KSA) has approved the final offers to sell an 80% total equity in its 8,069-tower infrastructure.

The approved offers have valued the towers at SAR 3.02 billion ($807 million), according to a bourse filing on Tuesday.

Upon the final agreements, the Public Investment Fund (PIF) will own 60% of the towers, whereas Prince Saud bin Fahad as well as Sultan Holding Company will hold stakes of 10% each.

Zain KSA will own the remaining 20% stake, yet the final offer will enable PIF to buy the Saudi telecom operator’s equity. 

Implementing the final offers is still subject to approvals from concerned authorities. 

“Zain KSA will sell its passive, physical towers infrastructure and retain all other wireless communication antennas, software, technology, and intellectual property,” according to the disclosure.

A total of SAR 1.4 billion worth of net asset value will be converted to assets for sale, while the depreciation of the assets will be halted. 

On 7 September 2021, Zain KSA approved the non-binding offers of the towers’ acquisition.