Riyadh – Mubasher: Saudi Telecom Company (STC) has won the frequency auction organised and supervised by the the Communications and Information Technology Commission (CITC) on 7 June for 700 and 1800 MHz bands, according to a bourse statement issued on Thursday.
STC received a 15-year licence starting from 1 January 2018 with a total value of approximately SAR 2.5 billion; 30% (about SAR 752 million) of the value will be paid during 2017, while the remaining value will be paid within ten years in equal instalments starting from 2019.
The new licence will be self-funded from STC's sources, the company said.
“STC's acquisition of these frequencies is very important to support the company's plan towards providing better communication and especially broadband services with high-speed services,” the statement noted.
STC will help in building a digital economy that aims to enrich the Saudi society and contribute to the National Transformation Program 2020, which emanates from the Saudi Vision 2030.
