Zain Saudi, Mobily to form joint committee, invite offers for telecom towers

Mobile Telecommunications Company Saudi Arabia (Zain Saudi) signed, on July 2, a non-binding memorandum of understanding (MoU) with Etihad Etisalat Company (Mobily) to form a joint committee and invite offers for telecom towers, the firms said in separate bourse statements.

The committee will prepare and offer a request for proposal (RFP), prepared within 30 days from the date of signing, 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.

The MoU does not include any related parties to Zain KSA, the statements said, adding that there is no financial impact.

The MoU is not obligatory, and any agreement will be subject to the regulatory approvals and conditions, and the internal approvals of both companies, the statements noted.

Any material developments will be announced in due course.