Zain KSA BOD Oks acquiring stakes in towers infrastructure

Saudi telecommunication operator “Zain KSA” announced its board of directors’ approval of the offers received from the Public Investment Fund (PIF), HRH Prince Saud Bin Fahad, and Sultan Holding Company, to acquire stakes in the company’s towers infrastructure.

The company added in a statement published on Tadawul that the decision to approve the final offers by the Board of Directors was unanimous, after excluding the following members: H.H. Prince Naif bin Sultan, Mr. Raied AlSaif, Mr. Saud AlBawardi, and Mr. Hisham Attar from voting on the offers, because they are related parties once the transaction is executed.

As H.H Prince Naif bin Sultan is the Chairman of Sultan Holding Company, while Mr. Hisham Attar works for PIF, Mr. Raied AlSaif works for Sultan Holding Company. In addition, Mr. Saud Al-Bawardi works for United Company, where H.R.H Prince Saud bin Fahd bin Abdulaziz have an interest in.

Zain KSA noted that this disclosure does not have any financial implications, and it will work with the parties on the best way to execute the Final Offers, noting that the Final Offers are subject to obtaining the required approvals from the relevant official authorities, and other conditions that may be agreed between the parties.