Saudi Telecom Company (stc) announces the signing of agreements with the Public Investment Fund (PIF) to sell a stake in Telecommunications Towers Company (TAWAL) and to combine the businesses of TAWAL and Golden Lattice Investment Company (GLIC).

Saudi Telecom Company (stc) announces the signing of agreements with the Public Investment Fund (PIF) to sell a stake in Telecommunications Towers Company (TAWAL) and to combine the businesses of TAWAL and Golden Lattice Investment Company (GLIC).



Element List

Explanation

Introduction

With reference to the announcement made by Saudi Telecom Company (stc) on the Saudi Exchange dated 24-10-2022 related to receiving a non-binding offer from the Public Investment Fund to acquire 51% of the shares of Telecommunications Towers Company (TAWAL).

Transaction Details

stc announces the signing of a sale and purchase agreement (SPA) on 21-4-2024 with the Public Investment Fund (PIF) to sell 51% of TAWAL’s shares for a cash consideration. Additional Agreements also signed to transfer the ownership of both TAWAL and GLIC (owns and manages 8,069 telecommunications towers in the Kingdom of Saudi Arabia, and owned by PIF, HRH Prince Saud Bin Fahad bin Abdulaziz and Sultan Holding Company) under a new entity. As a result, the shareholding of the new entity will be as the following: - PIF with an ownership of [53.99%] - stc with an ownership of [43.06%] - HRH Prince Saud Bin Fahad bin Abdulaziz with an ownership of [1.48%] - Sultan Holding Company with an ownership of [1.48%] The new entity will own