Kuwait-based Zain has admitted it is reviewing its tower portfolio but has played down rumours of an imminent sale.
"The examination of a new tower related business model is in its very early stages and to date there is no decision on whether we will make any changes to our current business model in any or all of our operations," said the telco, in a statement late on Wednesday.
The announcement followed a report by Bloomberg earlier this week in which unnamed sources claimed that Zain had hired Citigroup to advise it on the sale of its towers in Kuwait and Saudi Arabia.
The sources said Zain aims to sell approximately 8,000 towers for as much as US$2 billion.
"Over the years Zain has invested and still is investing heavily in expanding and upgrading networks across all its operations, and like many other well-managed operators across the region are always assessing more efficient practices in optimizing networks," said Zain on Wednesday.
"Should Zain’s management wish to undertake any changes in its tower business model in any of its markets, and should it get board of directors approval to do so, it will seek regulatory approvals from the relevant authorities in each country before doing so," the telco said, adding that it will inform shareholders "in a timely manner" if it pushes ahead with a sale.
