Zain shares hit 10-day high

Shares of Mobile Telecommunication Company Saudi Arabia (ZAIN KSA) rose on Sunday after the reports on the acquisition deal of telecom towers.

Mobile Telecommunication Company Saudi Arabia (ZAIN KSA) announced on Sunday receiving a letter from the Communications and Information Technology Commission (CITC) 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 stock soared 1.23% to the highest in 10 days at SR 13.30 on 11:45 AM.

Almost 1290 deals worth SR 24 million have been traded on 1.82 million shares of Zain.