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Omantel’s Saudi subsidiary completes stake sale in tower infra

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Omantel has announced that its subsidiary, Mobile Telecommunications Company (Zain KSA), has completed the sale of stakes in its tower infrastructure Golden Lattice Investment Company, owned 60 per cent by the Public Investment Fund (PIF), 20 per cent by Zain Saudi Arabia, 10 per cent by Prince Saud bin Fahd bin Abdulaziz, and 10 per cent by the Sultan Holding Company.


The transaction will result in a gain of up to 1.1 billion Saudi rials (US $293 million, with the equivalent of RO 112.8 million to be realized over the period of transferring ownership of the towers in batches within a period not exceeding 18 months,” said Omantel in its filing to the Capital Market Authority on Wednesday.


Zain Group’s share will be 37.045 per cent following this transaction based on its ownership in Zain KSA, it stated.


Last month, majority state-owned Omantel confirmed that it had completed the sale of its passive infrastructure assets in the Sultanate of Oman to Helios Towers plc, a London-based independent telecommunications infrastructure company.


Omantel noted at the time that the sale aligns with its strategy to develop world class asset-light, strategic and advanced communication networks in Oman. The transaction also helps Omantel to achieve effective deleveraging and focus on optimised capital structure for the company.


Rakiza, the infrastructure investment arm of Oman Investment Authority (OIA), is a partner in Helios Towers.


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