| DUBAI, March 16
DUBAI, March 16 Saudi Telecom Co (STC)
and Mobily are seeking a joint adviser as they aim to
push ahead with a plan to merge their mobile mast operations,
industry sources told Reuters on Thursday.
The kingdom's two largest operators have been considering
whether to offload towers in recent months to cut costs, either
via a sale to a private investor or through a merger of their
A request for proposal has been sent to investment banks and
others asking them to pitch for a role as a joint adviser on the
process, sources told Reuters.
The sources did not say specify the timeframe for the
STC declined to comment while Mobily was not available for
Telecoms operators are increasingly keen to dispose of
towers which now provide little competitive edge due to broadly
similar network quality and coverage.
Kuwaiti telecoms group Zain aims to sell its
mobile towers in Saudi Arabia for more than $500 million in the
first half of 2017.
(Editing by Jason Neely)