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

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

In a statement to Tadawul, Zain KSA pointed out that the requested stake stands at 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 34-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.

Source : Argaam