RIYADH/KUWAIT: Zain Group announced that the board of directors of Zain Saudi Arabia (Zain KSA) has signed an agreement to sell and lease back the passive physical infrastructure of its mobile tower portfolio to IHS Holding Limited (IHS) for SAR 2.52 billion ($672 million). This signing came after Zain KSA announced on Nov 27, 2018 that the board of directors of the company had approved the offer from IHS Holding Limited to sell and lease back its passive towers. It should be noted that the original transaction valuation of SAR 2.43 billion has been revised to SAR 2.52 billion ($672 million).

The agreement was signed by Sultan bin AbdulAziz AlDeghaither, CEO of Zain KSA, and William Saad, COO of IHS Holding Limited, at the headquarters of Zain KSA in Riyadh. Bader Al Kharafi, Zain Vice Chairman and Group CEO; & Zain KSA Vice-Chairman said: "Zain KSA is transforming financially, operationally, and strategically, and this evolution is aimed at the operator emerging as a more successful digital lifestyle services provider and delivering additional shareholder value."