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stc announced today, Feb. 11, that the ownership of TAWAL has been transferred to the new entity, completing all key transaction procedures, according to a statement to Tadawul.
The telecom firm explained that the shareholding of the new entity will be as follows:
|
Ownership Shares in New Entity |
|
|
PIF |
54.38 % |
|
stc |
43.06 % |
|
Prince Saud bin Fahd bin Abdulaziz |
1.28 % |
|
Sultan Holding Co. |
1.28 % |
The final amount injected by stc in the new entity’s capital to maintain its 43.06% ownership amounted to SAR 128.37 million, the statement added.
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The portfolio of towers owned and managed by the new entity will reach approximately 30,000 towers across five countries, the company further noted.
The cash consideration for the transaction, after estimated adjustments related to debt, cash, and working capital, amounted to SAR 8.9 billion. This is expected to result in substantial gains, which will be reflected in stc’s annual financial results for 2024.
According to data available on Argaam, stc Group announced in December 2024 the transfer of Golden Lattice Investment Company (GLIC) ownership to a new entity. Additionally, all procedures for selling its 51% stake in TAWAL to the Public Investment Fund (PIF) were completed.
In April 2024, stc signed a sale and purchase agreement (SPA) with the PIF to sell 51% of TAWAL for cash.
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