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Addendum Announcement from Mobile Telecommunication Company Saudi Arabia "Zain KSA" regarding the announcement of selling stakes in the tower’s infrastructure.
| Element List | Explanation |
|---|---|
| Introduction | Further to "Zain KSA” announcement published on the Tadawul website on 09-01-2023 regarding the completion of selling stakes in the tower's infrastructure to Golden Lattice Investment Company “GLIC”. And referring to the announcement published on 15-02-2022 regarding the final offer by the Public Investment Fund “PIF” that included the right to acquire the remaining share of Zain KSA (20% of “GLIC”) for SAR 726 million. Accordingly, “Zain KSA” announces that it has received a request from “PIF” on 19-10-2023 to exercise it’s right to acquire the remaining 20% stake of Zain KSA in “GLIC”. |
| Date of Posting the Previous Announcement of Development on Tadawul's Website | 2023-01-09 Corresponding to 1444-06-16 |
| Hyperlink to the Previous Announcement | Click Here |
| Change on the Development | “Zain KSA” received a request from PIF to exercise it’s right to acquire the stake owned by “Zain KSA” in “GLIC”, amounting to 20%, for an amount of SAR 726 million. |
| Financial Impact on the change | According to the sale price of the towers, the value of the shares in question was SAR 605 million, and thus the expected financial impact is SAR 121 million. |
| Additional Information | The Board of Directors will discuss the request in the upcoming meeting, within the period specified in the request, which is 30 days, and any fundamental developments regarding this matter will be announced in a timely manner. |
The Capital Market Authority and Saudi Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.
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