DUBAI: The Public Investment Fund, Saudi Arabia's sovereign fund, has made a non-binding offer to buy a 60% stake in the towers of Kuwaiti-backed Zain KSA, while two other investors offered to buy another 20% stake, valuing the towers at $807 million, Zain said on Tuesday.

Zain KSA, which will keep a 20% stake, plans to sell its passive, physical towers infrastructure and retain all other wireless communication antennas, software, technology, and IPs, it said in a statement.

The other two investors offering to buy a 10% stake each are Prince Saud Bin Fahad, and Sultan Holding Company, it said.

Zain KSA is 37% owned by Kuwaiti telecommunications firm Zain, according to Refinitiv Eikon data.

"Zain KSA will be working with the different parties on the best way to execute the offer," it said in a statement.