The Public Investment Fund (PIF) has made a bid to buy a 60% stake in Kuwaiti telecom operator Zain’s mobile towers in Saudi Arabia.
The Saudi Arabian sovereign wealth fund’s non-binding offer values the tower business of Zain KSA at $807 million.
Two other investors—Prince Saud Bin Fahad and Sultan Holding Company—have offered to buy a 10% stake each, Zain said in a statement. Zain KSA will retain a 20% stake in the tower business.
Zain KSA plans to sell its tower infrastructure and retain wireless communication antennas, software and technology.
Al Seer Marine
Abu Dhabi-based Al Seer Marine PJSC has formed a $170 million (AED624 million) joint venture with Dubai energy company BGN International to buy a portfolio of Very Large Gas Carriers (VLGCs) to transport liquified petroleum gas.
Al Seer Marine is a subsidiary of the diversified conglomerate International Holding Company (IHC), which has varied interests. It is listed on the Abu Dhabi Securities Exchange and manages assets worth just under AED4 billion.
The new JV will also sign a contract with South Korea’s Hyundai Heavy Industries to build two VLGCs by 2023.
“The partnership will bring together operational, regional, and financial expertise to manage the initial portfolio of VLGCs we have just acquired as well as the growth potential in the marketplace,” said Reahd Al-Kindi, Al Seer Marine’s chairman.
Pearl Petroleum Co Ltd, a consortium led by Dubai-based Dana Gas and Crescent Petroleum, has inked a $250 million financing agreement with US International Development Finance Corp.
The seven-year financing agreement will help the consortium carry out expansion work at the Khor Mor gas plant in Iraq’s Kurdistan region. The total cost of the project is $630 million, the two companies said in a filing on the Abu Dhabi Securities Exchange.
The project aims to increase the field’s capacity by 50% to 690 million standard cubic feet per day. Eventually, the two exploration companies will look to ramp capacity up to 1 billion standard cubic feet per day.
The consortium has invested $2.1 billion on the Khor Mor project till date.