- Zain Saudi Arabia completes a stake sale of 20% in Golden Lattice Investment Company (GLIC) for $193.6 million.
- The Public Investment Fund (PIF) of Saudi Arabia acquires Zain KSA’s equity in GLIC for USD 196.02 November 20, 2023.
- The transaction, based on an asset book value of SAR 605 million (USD 163.3500, is expected to generate net profits of SAR 121 million ( USD 32.2 million) for Zain KSA.
- Proceeds from the sale will be utilized to benefit shareholders by funding investments and core business activities.
- Zain KSA plans to communicate further updates on the sale process as developments unfold.
- In the nine-month period ending September 30, 2023, Zain KSA reports a substantial 224.75% year-on-year increase in net profits after Zakat and tax.
Zain Saudi Arabia, a leading mobile telecommunications company, has successfully divested its stake in Golden Lattice Investment Company (GLIC), constituting 20% of GLIC’s share capital.
The Public Investment Fund (PIF) of Saudi Arabia acquired Zain KSA‘s equity in GLIC for SAR 726 million (approx USD 196.02 million) on November 20, 2023, as detailed in a statement to the bourse.
Emphasizing an asset book value of SAR 605 million (approx USD 163.35 million), Zain KSA highlighted that the transaction is anticipated to yield net profits amounting to SAR 121 million ( USD 32.2 million).
Utilizing the proceeds from the sale of its remaining 20% GLIC shares, the Tadawul-listed company aims to enhance benefits for its shareholders by funding investments and core business activities.
Further updates on the sale process will be communicated as developments unfold.
In the nine-month period ending September 30, 2023, Zain KSA reported a remarkable 224.75% year-on-year surge in net profits after Zakat and tax, reaching SAR 971 million (approx. USD 262.17 million), compared to SAR 299 million (USD 80.73 million).
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