Arab News, Monday, Sep 18, 2023 | Rabi Al-Awwal 3, 1445
Kuwait’s Zain Group increases its share in TASC Towers to 93%
Kuwaiti telecom major Zain Group announced on Thursday that it increased its
share in the UAE-based TASC Towers from 83.47 percent to 92.87 percent,
according to a press release.
In a disclosure letter sent to Boursa Kuwait, Zain
Group Vice-Chairman and CEO Bader Nasser Al-Kharafi announced that the company
will continue to operate independently with a board of non-Zain majority
Given the nature of Zain’s shareholding and the
independent operating model, TASC Towers will remain an associate company of
In the material information disclosure, Al-Kharafi
emphasized that the declaration would not impact his company’s financial
TASC Towers is the largest independent tower
company in the Middle East and North Africa region.
In July, Zain Group, in collaboration with Qatari
telecoms company Ooredoo, announced their discussions to establish the largest
tower company in the Middle East and North Africa.
The statement indicated that these negotiations
aimed to consolidate their collective telecommunication tower assets, numbering
around 30,000, located in Qatar, Kuwait, Algeria, Tunisia, Iraq, and Jordan. The
plan was to create an independent tower company through a cash and share deal.
However, the statement added that the deal was
subject to agreement on final terms, signing of definitive agreements, and
obtaining all required corporate and regulatory approvals.
As per Ooredoo’s statement, the expanded tower
company was planned to maintain its independence and function as a standalone
entity, delivering passive infrastructure services across the region. The
emphasis was on optimizing operational efficiency, seeking synergies, and
reducing carbon emissions.
The joint statement further emphasized that the
transaction had the potential to enhance shareholder value for both Ooredoo
Group and the Kuwaiti telecom giant by establishing a more efficient capital
“Both operators are committed to executing on
their respective growth strategies to unlock significant capital and maximize
value for shareholders while at the same time reducing the carbon footprint
within the MENA region,” the joint statement said at that time.