The presentation is not a commitment to the two parties, and it is contingent on finishing the work that was started out of ignorance and coming to a binding agreement to obtain all necessary regulatory approvals from the relevant authorities, including the General Competition’s approval, the approval of the parties’ internal review boards, and any additional terms that the parties may decide to stipulate.
It is noteworthy that the continuous offer is consistent with the company’s development and expansion strategy by keeping classes in strategic assets of added value like towers infrastructure firms and utilising the return on these assets in growth, expansion, and sustainable shareholder rights.
A recommendation to licence this deal will be made to the General Assembly of STC after the company studies and evaluates the offer. This is because the fund is one of the largest STC shareholders, with a 64 percent ownership rate, and should be licenced if a final and legally binding agreement can be reached between the two parties.
The possible acquisition process is anticipated to have a positive and fundamental financial impact, and any benefits from this procedure will be reflected in the STC’s unified profit list.
For his part, Engineer Alian Witid, CEO of STC Group, stated that the company “continues to achieve its strategy in growth, expansion and maximising the group’s assets by increasing and diversifying investments in the telecommunications and information technology sector and leading digital transformation locally and internationally through investing in leading entities in the digital economy at the regional and global levels.”
According to the Saudi Press Agency, he stressed that the group continues to work to construct and maintain a dependable digital structure and that the offer is consistent with the global trends of communications and information technology firms.
“Saudi Investments” announces the purchase of STC.
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