https://arab.news/bzczh
- The 鈥淭owers Company鈥� joint venture was given the green light by the Saudi Communications and Information Technology Commission in March
RIYADH: Saudi telecommunications firm Etihad Etisalat Co. (Mobily) on Sunday announced that plans for a joint venture with Mobile Telecommunication Co. 抖阴短视频 (Zain KSA) to merge the telecom towers of both companies under a single entity was no longer part of its strategy going forward.
In a Tadawul statement on Sunday, Mobily said: 鈥淢obily announces that the direction to form a consortium with Zain KSA, Raidah Investment Co. (Al-Raidah) and IHS KSA Ltd. (IHS) to acquire the telecom towers owned by Mobily and Zain KSA, and to merge and unify towers under a commercial entity registered in the Kingdom of 抖阴短视频, 鈥楾owers Company,鈥� does not align with Mobily鈥檚 strategy and objectives of achieving financial and operational efficiency.鈥�
The 鈥淭owers Company鈥� joint venture was first proposed in July last year and was given the green light by the Communications and Information Technology Commission in March this year, the Argaam website reported.Mobily reported a net profit after zakat and tax of SR226 million ($60.27 million) for the first quarter of 2021, a year-on-year rise of 74 percent.
This was on the back of revenue rising 0.08 % year on year to SR3.6 billion.