Zain Saudi Arabia announced it would sell the remaining 20 per cent stake it owns in its tower business to the country’s Public Investment Fund (PIF) for SAR726 million ($194 million).
In a stock market statement, the operator revealed it would divest its holding in Golden Lattice Investment Company after PIF exercised its option to buy the stake, which was part of a deal to sell the other 80 per cent announced in 2022.
Zain sold a majority stake in the business, which at the time owned more than 8,096 towers, to a PIF-led consortium for SAR3 billion.
The deal eventually completed in January, alongside the transfer of the first batch of 3,000 towers to the new owners. At the time, the operator said it would add the rest of the assets over the following 18 months.
When Zain’s final sale is complete, the other stakeholders in Golden Lattice Investment Company will be Prince Saud bin Fahd bin Abdulaziz and Sultan Holding Company with 10 per cent each.