In an offer that is in line with stc Group’s strategy aimed at expanding investments, maximizing return on assets and recycling capital. The group announced that it had received a non-binding offer from the Public Investment Fund to buy 51% of Telecom Towers Company (Twal), wholly owned by stc, with a total valuation of 21.94 billion riyals.

It is worth noting that the offer is in line with the group’s strategy related to growth and expansion by retaining stakes in value-added strategic assets in its subsidiaries, and benefiting from the return on these assets in growth, expansion and capital rotation in a manner that ensures enhancing the group’s ability to invest in pioneering and diversified areas and maximizing the return on shareholder equity.

The group continues to achieve its strategy of growth, expansion and maximization of the group’s assets by increasing and diversifying investments in the telecommunications and information technology sector and leading the digital transformation locally and internationally by investing in leading entities in the digital economy at the regional and global levels.This offer is in line with the global trends of communications and information technology companies, noting that the group continues to work to build and develop a reliable digital infrastructure to enhance the Kingdom’s position as a regional center and contribute to enabling digital transformation for the public and private sectors, which will be reflected in strengthening the digital economy in line with the Kingdom’s goals towards A vibrant society, an ambitious nation, and a thriving economy.Eng. Olayan Al Wetaid, Group CEO, stc

Note that the submitted offer does not represent any obligation on the parties, and is subject to the completion of the due diligence work and reaching a final and binding agreement, which is conditional on obtaining all regulatory approvals from the relevant authorities, including the approval of the General Authority. For the competition, the internal approvals of the concerned parties and any other terms that the parties may agree upon.