IssuerAnnouncementDetailsV2Portlet
Actions
Saudi Telecom Company (stc) announces the latest developments regarding its subsidiary (Telecommunications Towers Company -TAWAL), signed a sale and purchase agreement (SPA) to acquire 3 towers companies.
| Element List | Explanation |
|---|---|
| Introduction | With reference to the announcement made by Saudi Telecom Company (stc) on the Saudi Exchange dated 25-4-2023 related to its subsidiary (Telecommunications Towers Company -TAWAL) signing a sale and purchase agreement (SPA) on 20-4-2023 to acquire 3 towers companies from United Group in Bulgaria, Croatia and Slovenia countries for a cash consideration for the entire transaction. The transaction will be based on 100% Enterprise Value amounting to EURO 1.220 billion which equals approximately SAR 5 billion. It was agreed that the transaction cash consideration will be based on the agreed terms of the SPA in relation to debt, cash, and working capital. stc announces that TAWAL has received all the necessary approvals and formally completed its acquisition on 24-8-2023. After the closing of this transaction, TAWAL’s towers portfolio under its ownership and management has reached more than 21,000 towers across 5 countries. This acquisition represents a unique addition to stc complete digital ecosystem. The financial impact will appear in the consolidated financial statements for the third quarter of 2023. |
| Previous Announcement | Saudi Telecom Company (stc) announces that its subsidiary (Telecommunications Towers Company -TAWAL), signed a sale and purchase agreement (SPA) to acquire 3 towers companies. |
| Date of Previous Announcement on Tadawul's Website | 2023-04-25 Corresponding to 1444-10-05 |
| Percentage of fulfilled achievement | 100% |
| Event's Expected Completion Date | 24-8-2023 corresponding to 08-2-1445 |
| The costs associated with the event, and if they have changed or not with indication of the reasons. | N/A |
| Additional Information | TAWAL financed the cash consideration for the transaction thru shariah compliant banks loan totaling USD 1.42 billion, the breakdown is as follows: 1. Saudi National Bank USD 1.02 billion (USD 0.3 billion out of the total loan amount is a bridge loan). 2. Dubai Islamic Bank USD 0.25 billion. 3. First Abu Dhabi Bank USD 0.15 billion. It is worth noting that there is related party with respect to the loan arrangement, in which a member of the Board of Directors, Mr. Yazeed Alhumied has an indirect interest being a member of the Board of Directors of stc and Saudi National Bank. Further, the Public Investment Fund is considered a major shareholder in both stc and Saudi National Bank. |
The Capital Market Authority and Saudi Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.
Share
Company Performance
Key Parameters
Last Price 0.0
Net Change 0.0 (0.0%)
Value Traded (Sar) 0
Volume Traded 0
LoginPortletPopupv2
Actions
AddtoWatchlistv2
Actions