Zain KSA receives PIF request to buy GLIC stake for SAR 726 mln

Logo of Zain KSA

Mobile Telecommunication Co. Saudi Arabia (Zain KSA) received, on Oct. 19, a request from the Public Investment Fund (PIF) to purchase the Zain KSA’s remaining 20% stake in Golden Lattice Investment Co. (GLIC) for SAR 726 million.

In a statement to Tadawul, Zain KSA pointed out that the value of the requested stake is SAR 605 million, as per the selling price of the towers. Therefore, the deal is expected to generate a positive financial impact of SAR 121 million.

The telecom service provider noted that its board of directors will study the request during the 30-day period specified for the request.

Any material developments regarding this matter will be announced in due course, the statement added.

In January, the telecom giant completed the sale of stakes in its tower infrastructure to GLIC which is 60%-owned by PIF, 20% by Zain KSA, 10% by Prince Saud bin Fahd, and 10% by Sultan Holding Co., at a total value of for SAR 3.02 billion, Argaam earlier reported.

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