Omantel has announced that Zain Jordan, part of Zain Group in which Omantel has a stake, has signed an agreement for the sale and leaseback of passive tower structures and supporting facilities such as power generators, fuel tanks and protection kiosks (towers) in Jordan with TASC Towers (in which Zain Group owns 25 per cent).
Under the agreement, the company will sell 2,607 towers for $88 million, Omantel stated in a filing to the Capital Market Authority (CMA).
“The agreement will have a positive impact in the company’s operations in Jordan and Zain Group. The accounting gain of this transaction before tax is expected to be approximately $60 million and it will be recognized once realized,” Omantel added.
