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Etihad Etisalat Company (Mobily) announces the signing of MoU with Mobile Telecommunication Company Saudi Arabia (ZAIN KSA) to increase the participation in the communication towers, with the objective of achieving maximum efficiency and upgrading the communications and information technology system, with the support and supervision of the Communications and Information Technology Commission(CITC)

Element ListExplanation
Introduction Etihad Etisalat Company (Mobily) signed MoU with Mobile Telecommunication Company Saudi Arabia (ZAIN KSA) to form a joint committee from both companies, to prepare and offer a request for proposal (RFP) with the options of purchasing the telecommunications towers owned by the two companies, merging them into one company with other investors or operating them on their behalf. Provided that the offer of RFP must be prepared within thirty days from the date of signing this MoU.
Memorandum Signing Date 2020-07-02 Corresponding to 1441-11-11
Counterparty Mobile Telecommunication Company Saudi Arabia (ZAIN KSA)
Memorandum Subject Forming a joint committee from both companies, to prepare a request for proposal (RFP) with the options of purchasing the telecommunications towers owned by the two companies, merging them into one company with other investors or operating them on their behalf.
Memorandum Duration Unspecified duration
Related Parties The MOU does not include any parties related to Mobily.
Financial Impact There is no Financial Impact.
Additional Information Note that the signed MoU with Mobile Telecommunication Company Saudi Arabia (ZAIN KSA) is not obligatory, and any agreement will be subject to the regulatory approvals and conditions, and the internal approvals of both companies.

Any material developments will be announced in due course

The Capital Market Authority and the Saudi Stock Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.

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