Saudi Telecom Company (stc) announces the latest development regarding 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).

stc announces that on 11-2-2025, the ownership transfer of TAWAL to the new established entity is completed, thereby, all major procedures related to the transaction have been completed.

As a result, the shareholding of the new entity will be as the following:

- PIF with an ownership of [54.38%]

- stc with an ownership of [43.06%]

- HRH Prince Saud bin Fahd bin Abdulaziz with an ownership of [1.28%]

- Sultan Holding Company with an ownership of [1.28%]

It is worth noting that 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 portfolio of towers owned and managed by the new entity will reach approximately 30,000 towers across 5 countries.

Noting that the cash consideration for this transaction after the estimated accounts of debt, cash, and working capital amounted to SAR 8.9 billion.

As mentioned in the previous announcement, the financial impact of the deal will be material and will be reflected in the financial results for the fiscal year 2024.