Zain KSA: CITC approves Zain Business Limited acquisition of at least 8069 of telecom tower sites owned by Zain KSA

Mobile Telecommunication Company Saudi Arabia (ZAIN KSA) announced on Sunday receiving a letter from the Communications and Information Technology Commission (CITC) No.4319/1443/AH dated 10/27/1443 AH corresponding to 05/28/2022, which included the approval of the CITC’s Board of Directors for “Zain Business Limited” Company (a subsidiary of Zain KSA) to acquire at least 8069 of the telecom tower sites owned by Zain KSA, after “Zain Business Limited” obtains a license (providing wholesale services for infrastructure – Class A) towers and masts) , provided that the regulatory requirements related to licensing are met.

Zain Business Limited will complete the necessary procedures to obtain the license in accordance with the rules and regulations.

This event is linked to the previously announced “final offers” submitted by PIF, HRH Prince Saud Bin Fahad, and Sultan Holding Company as each of them will acquire stakes in “Zain Business Limited” representing their stakes in the in the Tower Infrastructure as stated in the previous announcement.

Zain KSA said 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.