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‎Zain KSA sells GLIC stake to PIF for SAR 726 mln

November 20, 2023
in Business
‎Zain KSA sells GLIC stake to PIF for SAR 726 mln
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Zain KSA sells GLIC stake to PIF for SAR 726 mln

Mobile Telecommunication Co. Saudi Arabia (Zain KSA) resold its remaining 20% stake in Golden Lattice

Investment Co. (GLIC) to the Public Investment Fund (PIF) for SAR 726 million, Zain KSA said in a Tadawul statement.

GLIC’s core business is focused on providing wholesale infrastructure services.

The sale proceeds will be used by Zain KSA to maximize the benefit for its shareholders through funding the company’s investment and its core business, the telecom operator added. It noted that the expected financial impact is represented in SAR 121 million net profit.

The board of directors’ decision to approve PIF’s offer, which was announced on Tadawul website on February 15, 2022, was taken unanimously, after the exclusion of Prince Nayef bin Sultan bin Saud Al-Kabeer, Raed Al-Saif (a former board member), Hisham Attar (a former board member) and Saud Al Bowardi from voting on the offer, as they are related parties, as Prince Nayef is the chairman of Sultan Holding Co., which currently owns a 10% stake in GLIC, and Hisham Attar worked at the time for PIF.

Raed Al-Saif worked at the time for Sultan Holding Co., and Saud Al-Bawardi worked then for United Co., in which Prince Saud bin Fahd bin Abdulaziz has an interest, as he owns a 10% stake in GLIC capital, according to the company.

Zain KSA’s board of directors approved, on Feb. 15, 2022, the final offers received from PIF, Prince Saud bin Fahad, and Sultan Holding Co. after completing the due diligence and internal approvals of all parties, according to Argaam’s data. 

The final offers were submitted to acquire stakes in Zain KSA’s tower infrastructure comprising 8,069 towers, valuing these assets at SAR 3.026 billion ($807 million). 

According to the final offer, the Kingdom’s sovereign wealth fund, Prince Saud bin Fahad, and Sultan Holding Company will acquire 60%, 10%, and 10% stakes in the tower infrastructure, respectively. On the other hand, Zain KSA will own the remaining 20% stake.

The PIF’s final offer also includes a call option that will grant the fund the right to buy the remaining 20% stake from Zain KSA for a certain consideration.

>>> Read full article>>>
Copyright for syndicated content belongs to the linked Source : Argaam EN – https://www.argaam.com/en/article/articledetail/id/1686371

Tags: businessSells‎Zain
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