PIF closes in on Zain KSA's GLIC shares
Zain KSA has received a request from PIF for the MNOs remaining 20% stake in GLIC
Zain KSA, the Saudi Arabian branch of the Bahrain-based regional MNO Zain Group, has received a request from Saudi Arabia’s Public Investment Fund (PIF) on 19th October to exercise its right to acquire the operator’s remaining 20% stake of Golden Lattice Investment Company (GLIC), make in a statement to the Tadawul stock exchange where its shares are traded.
The 20% shareholding stake is valued at SAR 726mn (US$194mn). According to the sale price of the towers the value of the shares in question was SAR 605mn, so the expected financial impact for Zain is SAR 121mn.