Saudi's Mobily 'evaluating alternative offers' to comms tower merger

The Saudi-based mobile telecoms company said the proposal for a joint consortium including Zain KSA does not align with strategy and objectives

  
Riyadh, Saudi Arabia: Kingdom Centre tower and Etihad Etisalat / Mobily building along Hanifa Valley Street - Saudi mibile phone and internet company. Image for illustrative purposes.

Riyadh, Saudi Arabia: Kingdom Centre tower and Etihad Etisalat / Mobily building along Hanifa Valley Street - Saudi mibile phone and internet company. Image for illustrative purposes.

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Saudi Arabia’s Etihad Etisalat Company (Mobily) is seeking alternative offers to a proposed consortium to acquire and merge two telecommunications towers owned by the company and Zain KSA.

The company previously announced in March that they had received in principle approval from the Communications and Information Technology Commission (CITC) for the proposal to merge the two towers and register them under a new entity, Towers Company, in consortium with Zain KSA, Raidah Investment Company and IHS KSA Ltd.

However, in a statement to the Saudi Stock Exchange Tadawul, Mobily said it was evaluating alternative offers to achieve the best return for the company and investors.

The statement said that the proposal ‘does not align with Mobily’s strategy and objectives of achieving financial and operational efficiency’.

(Writing by Imogen Lillywhite imogen.lillywhite@refinitiv.com ; editing by Daniel Luiz)

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