Riyadh – Mobile Telecommunication Company Saudi Arabia (Zain KSA) sold its stake in Golden Lattice Investment Company (GLIC), which amounts to 20% of the latter’s share capital.

The Saudi Public Investment Fund (PIF) bought Zain KSA’s equity in GLIC at a value of SAR 726 million on 20 November 2023, according to a bourse statement.

Zain KSA underlined that the asset book value amounts to SAR 605 million, adding that the transaction will result in net profits worth SAR 121 million.

The Tadawul-listed firm will use the proceeds of the sale of its remaining 20% shares of GLIC to enlarge the benefit for its shareholders through funding of its investment and its core business.

Meanwhile, any further developments regarding the sale process will be announced in due course.

In the nine-month period that ended on 30 September 2023, Zain KSA recorded 224.75% year-on-year (YoY) higher net profits after Zakat and tax at SAR 971 million, compared to SAR 299 million.

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