Towershare and IHS enters into exclusive discussions with Zain KSA
Mobile Telecommunications Company Saudi Arabia (Zain) announces the latest developments related to exploring the sale of its passive tower infrastructure, which Zain had previously announced on 22 December 2016. The Board of Directors on 06 August 2017 decided to enter into exclusive negotiations with a consortium led by IHS Holding Limited and Towershare Management Limited for the sale and lease back of its towers. Such exclusivity has been granted for a limited period, ending 28 September 2017 and supersedes all prior arrangements.
There is no binding agreement and there is no certainty that discussions with this consortium will lead to a transaction. Should the transaction proceed, it will be subject to approval from Regulatory Authorities, including Communications and Information Technology Commission (CITC) and the respective companies involved. Zain Saudi Arabia will make further announcements regarding material changes, if any.