Sultan Al-Dugithar, CEO of the Saudi Cellular Telecommunications Company (Zain), said the feasibility of tower sales announced by the company yesterday was to pay off its debt through an SR of 2.4 billion, in addition to reducing Murabaha costs and interest rates paid by the company represented by total debt of SR 5.3 billion.
Daghether was confirmed in contact with "Numbers", Said that the agreement would allow the company to obtain a very good positive return, indicating that the sale of 8100 towers represented the number of towers owned by the company.
Al-Dughaither has the right to rent the entire tower until final approval is obtained from CITC and related parties.
He pointed out that Zain committed to the construction of 1500 additional towers with the IHS, this confirmed Zain's intention to continue investing in Kingdom expansion and expansion.
"We have a strategic plan to invest in expansion and expansion, improve service quality and expand the customer base, and there are other plans that will be announced at that time," he said.
According to data available at "Numbers"Zain Saudi Arabia's Board of Directors approved an offer by IHS Holdings Limited to sell infrastructure from 8100 towers worth 2.43 billion riyals and rent them for 15 years with the possibility of an additional 5 years extension, in addition to building 1500 towers in the next six years.