Mobily says CITC nod to merge towers is to find potential investor, evaluating offers

Logo of Etihad Etisalat Co.

Etihad Etisalat Co. (Mobily) said that the in-principle approval of the Communications and Information Technology Commission’s (CITC) board to merge and unify Mobily and Mobile Telecommunications Company Saudi Arabia’s (Zain KSA) towers under Towers Co., a Saudi-registered commercial entity, is to finalize a potential investor.

The telco is still assessing and studying the offers submitted by all potential investors for all the options presented: purchasing telecommunications towers owned by the two companies, merging them into one firm with other investors, or operating them on their behalf, according to a bourse filing.

The company aims to achieve the best return for the company and its investors, boost the participation rate in the towers, realize maximum operational efficiency, and upgrade the network with the support of CITC.

Mobily will disclose any development in due course.

Argaam reported earlier that Zain KSA received a letter from the CITC’s board on March 23, 2021, giving its in-principle approval on the joint application from Zain KSA, Mobily, Raidah Investment Co. and IHS KSA Ltd.