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Saudi Telecom Company (stc) announces the latest development regarding its acquisition of 9.9% interest in Telefonica S.A. (Telefonica).
| Element List | Explanation |
|---|---|
| Introduction | With reference to the announcement made by Saudi Telecom Company (stc) on the Saudi Exchange dated 05-9-2023 regarding its acquisition of a 9.9% interest in Telefonica for a total consideration of EUR 2.1 billion (approx. SAR 8.5 billion). stc announces that it has received on 28-11-2024 the foreign investment authorization from the Spanish Council of Ministers, allowing stc to increase its voting rights from 4.97% to 9.97% and the right to appoint a board member in Telefonica. Noting that the change in stc ownership from 9.9% (in the previous announcement) to 9.97% is due to Telefonica share cancellation of its own shares in April 2024. |
| Previous Announcement | Saudi Telecom Company (stc) announces acquiring an interest of 9.9% in Telefonica S.A. (Telefonica). |
| Date of Previous Announcement on Saudi Exchange’s Website | 2023-09-05 Corresponding to 1445-02-20 |
| Hyperlink to the Previous Announcement on the Saudi Exchange Website | Click Here |
| Latest Developments Of The Announced Event | Receiving the foreign investment authorization from the Spanish Council of Ministers, allowing stc to increase its voting rights from 4.97% to 9.97% and to appoint a board member in Telefonica. |
| The costs associated with the event, and if they have changed or not with indication of the reasons. | N/A |
| Additional Information | stc is currently working on completing the relevant requirements to increase its voting rights which is expected to be concluded in the upcoming period. Any further material development will be announced in due course. |
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.
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