Saudi Telecom to approve Q4 2018 dividend policy in April

Saudi Telecom Co.’s (STC) shareholders will approve on April 24 a three-year dividend policy as of Q4 2018, the telecom operator said in a bourse statement.

Shareholders will also approve paying an exceptional cash dividend at SAR 2 per share, or 20 percent of the stock’s nominal value, totaling SAR 4 billion for 2018.

The telecom operator's shareholders will also vote on an international sukuk program with a total amount of up to $5 billion. The telecom operator will issue the sukuk hereunder either directly or through an offshore special purpose enterprise to be established for this purpose.

The sukuk issuance will be made in one or more tranches and through one issue or a series of issues by way of a private placement or a public offering. Each issue’s price will be determined later according to market condition. The sukuk issuance will be subject to the approval of the relevant regulatory authorities and the extraordinary general assembly approval. The issuance will be made in accordance with applicable laws and regulations.