PIF's acquisition of TAWAL will create region’s largest tower company: stc CEO

Olayan Alwetaid, CEO of Saudi Telecom Co. (stc)

Olayan Alwetaid, CEO of Saudi Telecom Co. (stc), stated that the signing of final agreements for the Public Investment Fund's (PIF) acquisition of a stake in Telecommunication Towers Company Limited (TAWAL) will result in creating the region's largest tower company.

He also believes that the signing represents a step forward in the group’s strategy for expansion and growth.

The largest telecommunications tower company in the region has become a reality after signing the final agreements for the PIF to acquire a majority stake in TAWAL, the CEO said in a statement.

This process is a step forward in the group’s strategy for expansion and recycling the return on investment, the CEO added, noting that this acquisition will contribute to strengthening the infrastructure of the communications and information technology sector and enhancing the digital status of the Kingdom.

As for the acquisition’s returns for investors, Alwetaid said that stc is pursuing a clear strategy to achieve the best return on investment to benefit the group as well as investors in the medium and long terms.

On April 21, stc signed a sale and purchase agreement (SPA) with the PIF to sell 51% of TAWAL for cash, according to data available on Argaam.

TAWAL and Golden Lattice Investment Co. (GLIC) will be merged to form the largest telecommunications tower company in the region and provide the best services to customers.