Zain inches away from selling its 8,000 towers
Zain Saudi Arabia has transferred its tower business to Golden Lattice Investment Company (GLI), the PIF-backed holding company of Zain KSA's 8,069 towers
An investment consortium led by Saudi sovereign wealth fund Public Investment Fund (PIF) has taken ownership of Zain’s tower business unit, now named Golden Lattice Investment Company (GLI), and into which Zain will begin transferring its 8,069 towers. PIF joined with Prince Saud bin Fahad and Sultan Holding Company back in February to acquire the towers for US$807mn with Zain to receive of 2.4bn Riyals and a 20% stake in GLI. PIF will take a controlling 60% stake, Zain 20% and 10% by Sultan Holding Company and Prince Saud din Fahad. The relatively low valuation of US$100k per tower implies a modest lease rate for the operator.