It was reported in a statement published on the Saudi Stock Exchange website (Tadawul) that the Public Investment Fund changed the name of the unit to the (Lots Gold Investment Company), which will become the holding company responsible for selling infrastructure units for the Zain Saudi towers.
In February, a contract to sell 8069 towers to a group led by the Public Investment Fund was reached. The deal’s estimated value was just over $800 million.
A 20 percent stake in Ltis Golden Investment Company and 2. 4 billion riyals in cash would be given to Zain Saudi Arabia as part of the asset purchase agreement.
Under the agreement, all units will need to transfer their ownership to the “Golden Tess” within 18 months of “financial completion”, and at that time, the ownership of at least 3,000 sites should be transferred already..
Zain Saudi Arabia sends the Public Investment Fund “towers”
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