Riyadh – Mubasher: The Saudi Communications and Information Technology Commission (CITC) has awarded the Saudi Telecom Company (STC) a SAR 360 million (2300) MHz spectrum licence.
The frequencies’ value will be paid in 15-year equal installments, starting from 1 January 2020, according to a statement to the Saudi Stock Exchange (Tadawul).
The Saudi telecommunication operator obtained these frequencies from 1 January 2020 until 31 December 2034, the statement added.
STC further noted that this transaction will be self-financed from the firm’s resources.
STC 's acquisition of these frequencies “is considered an additional investment that is intended to increase the capacity of the mobile network significantly in order to meet the [growing] demand of services and to increase the speed and quality of the Internet,” the statement added.
STC last reported a 2.88% profit rise after calculating Zakat and Tax in the third quarter of 2018, logging SAR 2.64 billion, compared to SAR 2.56 billion during the year-ago period.
From January to September 2018, STC’s net profits went up 2.8% year-on-year to SAR 7.67 billion, versus SAR 7.46 billion.
By 11:57 Saudi time, STC’s stock remained unchanged at SAR 102.
