(Adds detail, background)
DUBAI Dec 22 Zain Saudi is in talks
to sell its mobile transmitter towers to a consortium comprised
of TASC SAL and ACWA Holding IPO-ACWA.SE, Saudi Arabia's No. 3
telecoms firm by revenue said in a bourse statement on Thursday.
The company, 37 percent-owned by Kuwait's Zain Group
, has been exploring the sale of its towers since as
early as January 2015.
Zain Saudi said there was no binding agreement or certainty
discussions would lead to a transaction and that regulatory
approval would be required for any deal.
Zain Group expects to sell its Saudi transmitter towers for
over $500 million in the first half of 2017, Chief Executive
Scott Gegenheimer told Reuters on Nov. 9.
Zain Saudi, which has not made a quarterly profit since it
started operations in 2008, plans to use the proceeds of the
sale of part or all of its 7,776 towers to pay down its debt and
for data-focused investments, Gegenheimer said.
Zain Saudi competitors Saudi Telecom Co (STC) and
Etihad Etisalat (Mobily) are also studying whether to
sell or merge their towers to cut costs.
(Reporting by Alexander Cornwell; Editing by Alexander Smith
and Mark Potter)