In continuation of its ambitious strategy of expansion and growth
Riyadh: Announced a group stc Purchase of 9.9% stake in Telefónica Group stock (Telefonica), is one of the world’s largest telecommunications companies with operations in Spain, Germany, Britain and Brazil, and has a leading market share in each of them. The total value of the contract was 8.5 One billion Saudi Riyals, equivalent 2.1One billion euros.
This acquisition marks another step for the group stc Within the framework of the continuous expansion and growth strategy adopted by the Group, and reflecting its confidence in Telefónica’s potential (TelefonicaCognitive Intelligence continues to lead and grow as it owns a portfolio of infrastructure assets and advanced technology platforms, including edge computing and the Internet of Things..
It comes down to actions taken by a group stc This direction has resulted in several investments in various telecommunications sectors within and outside the Kingdom, the most recent being the acquisition of Dowell, a subsidiary of the Telecommunications Group. stc At United Group towers in Bulgaria, Croatia and Slovenia.
On this occasion, His Highness Prince Mohammed bin Khalid Al Abdullah Al Faisal, Chairman of the Group’s Board of Directors, said:“: STC Mix in between stc and Telefonica (Telefonica) with a common vision and goals, both companies seek to use advanced technologies to provide better communication services to users, and follow an effective strategy to accelerate and improve growth. Expansion and growth through quality investment in various sectors of technology and digital infrastructure in markets. The whole world is promising“
In turn, the group’s CEO saidstc Eng. Olayan Al-Wadit: “Our investment in Telefonica reflects (Telefonica) our belief in the Company’s potential, its ability to enhance shareholder value and the Company’s strategy and management. We confirm our commitment to strengthen the cooperation between the two companies, aiming to benefit from all the opportunities available based on our role as partners in the long term.“
Al Wadid added: “This deal represents a promising investment opportunity that allows us to optimally leverage our solid financial position while continuing our approved dividend policy.”
About the group stc
group stc Digital transformation in the region is possible, it offers stc Innovative products and services in Saudi Arabia and the Middle East and North Africa region. It offers a range of best-in-class digital solutions and services including digital payments, telecommunications, Internet of Things technologies, 5G technologies, cloud computing, electronic games, cyber security and other advanced digital solutions.
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– STC Group Investor Relations