Zain shares rise on tower sale

LONDON: Zain Saudi shares jumped 2 percent on Wednesday after the phone company signed a SR2.52 billion sale and leaseback deal.
It capped a strong month for the telecommunications giant with the stock gaining almost 20 percent over the last four weeks.
The phone company struck the deal with IHS Holding for the sale and leaseback of some 8,100 towers.
The deal also includes the building of an additional 1,500 towers over the next six years together with the leaseback of such towers for 15 years with an option to extend.
Zain like other regional telecommunication companies has come under pressure as a result of rising competition with rival VoIP services that has hit the profitability of their fixed line businesses.