Mobile Telecommunications Co. Saudi Arabia (Zain Saudi) said it cancelled plans to sell its towers to IHS Holding Limited due to regulatory reasons, the telecom operator said in a bourse statement.
“We have received a letter from the Communications and Information Technology Commission (CITC) indicating that IHS Holding Limited did not fulfill the regulatory requirements pertaining to the sale and lease back of the passive towers infrastructure,” the statement added.
In March, Zain signed an agreement with IHS Holding Limited for the sale and lease back of its passive towers infrastructure.
The agreement includes sale of approximately 8,100 passive tower infrastructure and the building of an additional 1,500 (over the next 6 years) together with the lease back of such towers, for 15 years with the option to extend.
The transaction value was raised from SAR 2.43 billion to SAR 2.52 billion.
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