Zain KSA’s shares up after selling its unit to PIF ahead of $807m deal to buy Zain’s towers

RIYADH: Zain KSA saw its shares jump 4.51 percent, after it transferred ownership of its subsidiary to the Public Investment Fund for the nominal amount of SR10,000 ($2666), renaming it The Golden Lattice Investment Co.

Zain’s shares open the week at SR12.98, as of 10:24 a.m. Saudi time.

The PIF previously joined with Prince Saud bin Fahad and Sultan Holding Co. in February to acquire an $807 million stake in Zain KSA’s tower infrastructure, a bourse filing showed.