Saudi Telecom pays SAR 752 mln for additional spectrum

Saudi Telecom Co. said it has paid 30 percent, or SAR 752 million, of the total value of the additional spectrum it acquired earlier this year, the company said in a statement to Tadawul on Thursday.

The spectrum was auctioned in two separate bands, 700 MHz and 1800 MHz.

The Kingdom’s telecom regulator in June awarded additional spectrum in the 700MHz and 1800MHz bands to STC for a total value of SAR 2.51 billion, following an auction held on May 23.

The concession is valid for a period of 15 years, effective Jan. 1, 2018.

The telecom giant is required to pay 30 percent of the licence fee by the end of 2017, with the remainder to be paid in equal instalments (7 percent of the total each, with the first instalment due in 2019) over ten years.