Riyadh – Mubasher: The direction to form a group to acquire the telecom towers owned by both Etihad Etisalat Company (Mobily) and Mobile Telecommunication Company Saudi Arabia (Zain KSA) does not align with Mobily’s strategy and objectives of achieving financial and operational efficiency.
In a statement to Tadawul on Sunday, Mobily said the plan is to form a consortium with Zain KSA, Raidah Investment Company (Al Raidah), and IHS KSA to acquire the telecom towers and to merge and unify them under commercial entity Towers Company that is registered in Saudi Arabia.
Mobily will continue to evaluate alternative offers, aiming to achieve the best return for the company and its investors by maximising the operational efficiency and upgrading the network.
Last March, Saudi Arabia’s Communications and Information Technology Commission (CITC) approved merging the telecom towers of both listed firms under a new entity.
