The total value of “Tawwal” was determined at SAR 21.94 billion, based on excluding cash and debt balances.
I announced Saudi Telecom Company(STC), in a disclosure on Saudi Stock Exchange website Today, Thursday, the Ordinary General Assembly approved the acquisition agreement. Public Investment Fund On a 51% stake in the Telecom Towers Company “Tawwal” for 8.7 billion riyals.
It happened Public Investment FundAn agreement with STC on April 22nd to acquire 51% of the telecommunications towers company “Tawwal”.
The total value of the company was determined as Toal “Amounting to 21.94 billion riyals, excluding cash and debt balances. Agreements were also signed stipulating the transfer of ownership of Tawal Company and the ownership of Letis Golden Investment Company, which owns and operates 8,069 telecommunications towers in Saudi Arabia and is owned by the Fund, Prince Saud bin Fahd bin Abdulaziz, and Sultan Holding Company under the ownership of a new entity, “Digital Structures Company.”
The total value of Letis Golden Investment Company was set at SAR 3.03 billion, based on approximately the capital of Digital Structures Company, in order to maintain its ownership of 43.06%.
The cash consideration paid will be for the exclusion of cash and debt balances, and STC will inject an amount of 533 million riyals according to the mechanism of the calculations to complete the deal.
STC indicated that there are a number of conditions that must be met before completing the deal, such as the approval of the Communications and Space Technology Commission, in addition to other conditions of a regulatory and commercial nature.
