Zain KSA has confirmed it will sell the remaining 20 percent stake it owns in its tower business to the country’s Public Investment Fund (PIF) for SAR726 million ($194 million).

The Saudi telco confirmed the plans in a stock market filing, revealing it will divest the stakes it owns in Golden Lattice Investment Company.

Zain said it would use the proceeds from the sale of its remaining shares "to maximize the benefit for its shareholders through funding of its investment and its core business."

Last year, Zain sold an 80 percent stake in its tower business to local investors, including the PIF, which took a 60 percent stake, while Prince Saud Bin Fahad and Sultan Holding Company each took a 10 percent stake.

The deal was reported to be worth $800 million and covered 8,069 telecom towers.

It was completed in January, alongside the transfer of the first batch of 3,000 towers to the PIF.

Zain KSA is the Saudi-Arabian unit of Kuwait-based operator Zain.

Last year, the PIF made a non-binding offer to buy a majority stake in Saudi Telecom's (STC) tower unit business, Tawal, which is fully owned by the latter.