ZAIN KSA receives CITC approval regarding acquisition of Tower Infrastructure

Mobile Telecommunication Company Saudi Arabia “ZAIN KSA” announced on Thursday receiving two no-objection letters from the Communications and Information Technology Commission “CITC” dated 07/09/2022:
Letter No.500/1444, which includes the CITC’s no-objection to the signing of the shareholders agreement between PIF, Zain KSA, HRH Prince Saud bin Fahd bin Abdulaziz, and Sultan Holding Company regarding “Zain Business Limited Company.”
Furthermore, Letter No.499/1444, which includes the CITC’s no-objection for “Zain KSA” to sign the asset purchase agreement with “Zain Business Limited Company.
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 Company” representing their stakes in the Tower Infrastructure as stated in the previous announcement.
“Zain Business Limited” will complete all necessary procedures related to the rules and regulations to complete the acquisition and obtain the required licenses.
Zain KSA “will work with all the parties to complete the licensees and signing of the transaction agreements”, noting that the “final offers” are subject to obtaining the required approvals from the relevant official authorities and any other conditions agreed upon between the parties.
Any substantial developments will be announced in due course, the company said.