Kuwait-Based Zain Increases Its Stake in UAE's TASC Towers Company
Zain Group, a Kuwaiti telecommunications company, has raised its ownership stake in UAE-based TASC Towers from 83.47 percent to 92.87 percent.
Despite this increase, TASC Towers will maintain its independent operation and retain a board primarily composed of non-Zain members, as reported by Pramod Kumar for AGBI.
The move solidifies TASC Towers as an associate company within the Zain Group, as confirmed by Zain Group's vice-chairman and CEO, Bader Nasser Al-Kharafi.
Qatar's Ooredoo, Zain Group, and UAE's TASC Towers Holding are in discussions to merge their telecommunication tower assets in several Middle Eastern and North African countries, forming one of the region's largest telecommunications tower companies.
The merger aims to combine approximately 30,000 towers in a cash and share deal, with assets in countries such as Qatar, Kuwait, Algeria, Tunisia, Iraq, and Jordan.
The transaction is not expected to impact the companies' financial positions. Additionally, recent tower sales by Saudi-listed Mobile Telecommunication Company Saudi Arabia and Omantel were mentioned as relevant developments in the telecom tower industry.