Zain KSA sells remaining stake in GLIC to PIF for SAR 726 million By

© Reuters.

RIYADH – Zain KSA has finalized the sale of its remaining 20% curiosity in Gulf Leasing Firm (GLIC) to the Public Funding Fund (PIF) for SAR 726 million as we speak. This transaction marks a big step for the telecom big, because it goals to channel the anticipated internet revenue of SAR 121 million into strategic investments inside its core operations and improve shareholder worth.

This strategic divestiture comes after a call made on February 15, 2022, when Zain KSA’s board authorized the sale following the decision of conflicts of curiosity as a consequence of possession ties with Sultan Holding Co. The transfer is designed to pay attention monetary assets on Zain’s major telecom actions and to strengthen its market place.

The deal not solely signifies a considerable achieve over e book worth for Zain KSA but in addition underscores the corporate’s dedication to optimizing its funding portfolio and redirecting capital in the direction of extra profitable avenues inside its telecom sector. The transaction is anticipated to yield appreciable advantages for shareholders as Zain KSA continues to construct on its operational efficiency.

Along with this latest improvement, Zain KSA reported a considerable enhance in its internet income after Zakat and tax, which surged to SAR 971 million over the previous 9 months. This determine represents a big bounce from the SAR 299 million recorded throughout the identical interval final yr, illustrating a sturdy strategic progress trajectory for the corporate.

Zain KSA’s newest financials and the profitable disposal of its GLIC shares are anticipated to additional bolster investor confidence. The corporate has introduced that additional updates concerning the impacts of this transaction shall be shared sooner or later, because it stays centered on advancing its core enterprise goals and maximizing shareholder returns.

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