Published on : Jan 29, 2015
Zain, a telecom operator in Kuwait has appointed a team of advisors to help analyze the prospective sale of the operator’s transmitter towers in a few of the eight markets where it has operations. The company issued a statement on Wednesday where the announcement was made.
Zain has controlling stakes in numerous mobile companies in Iraq, Kuwait, South Sudan, Sudan, Jordan, and Bahrain. This is apart from the 37 per cent of Saudi Arabia’s Zain Saudi which ranks No. 3. Zain also owns a management contract to operate Lebanon’s Touch.
In a statement Zain said that the company had appointed a team of advisors to guide the firm on which is the best and most profitable business model for Zain. The company has to decide between the sale and leaseback of the transmitter towers or share them across some of the firm’s operations. The statement also said that it was still in early stages. Up till date there has been no final decision made on if a tower company will be sold or formed among any of the existing operations.
A source close to the matter said that Citigroup is the advising board that has been hired to study the various alternatives for Zain towers and come to a unanimous decision.
The statement by Zain comes after a Bloomberg report stated that the telecom operator had asked the United States based bank to help on the sales of the transmitter towers belonging to Zain in Saudi Arabia as well as in Kuwait.