Saudi Telecom Company

Saudi Telecommunication Company (stylized as stc) (Arabic: شركة إتصالات السعودية ) is the Saudi digital enabler of telecommunications services in the Kingdom of Saudi Arabia, and among the operators in the Middle East. The company offers landline and fixed infrastructure, mobile and data services. stc offers mobile, broadband and cloud computing services. The company invested in next-generation networks, or NGNs, upgraded to packet-based architecture where information, services and media can be carried across the network.

Saudi Telecom Company
TypePublic
Tadawul: 7010
ISINSA0007879543
IndustryTelecommunications
FoundedApril 21, 1998 (April 21, 1998)
HeadquartersRiyadh, Saudi Arabia
Area served
Saudi Arabia, Bahrain and Kuwait
Key people
Mohammed bin Khalid Abdullah
(Chairman)
Eng. Olayan M. Alwetaid (CEO)
ProductsFixed line and mobile, Internet services, IPTV
Revenue$15.7 billion (2020)[1]
$3.39 billion (2020)
$2.93 billion (2020)
Total assets$32.53 billion(2020)
Number of employees
17,000
Subsidiaries
  • stc Bahrain
  • stc Kuwait
  • channels by stc
  • solutions by stc
  • specialized by stc
  • ccc by stc
  • sirar by stc
  • TAWAL
  • AQALAT
  • intigral
Website[url=http://www.stc.com.sa/ www.stc.com.sa]

Company history

stc was established as a Saudi Joint Stock Company pursuant to Royal Decree No. M/35 dated 24 Dhul Hijja 1418 H (April 21, 1998) which authorized the transfer of the Telegraph and Telephone division of the Ministry of Post, Telegraph and Telephone (MoPTT) with its various components and technical and administrative facilities, to the company, and in accordance with the Council of Ministers Resolution No. 213 dated 23 Dhul Hijja 1418 H (April 20, 1998) which approved the company Articles of Association. The company was wholly owned by the Government of the Kingdom of Saudi Arabia, Pursuant to the Council of Ministers Resolution No. 171 dated 2 Rajab 1423 H (September 9, 2002) the Government sold 30% of its shares. At least 20% were appropriated for natural Saudi nationals and no more than 10% were appropriated equally for the Public Pension Fund and General Organization for Social Security. The Initial Public Offering (IPO) was ended on 3 Dhul Quada 1423 H (January 6, 2003) and The Council of Ministers, as the extraordinary general assembly of the company, approved, in accordance with resolution No. 171 mentioned above, the acceptance to increase the Company capital from SR12,000 million to SR15,000 million, by transferring from retained earning to capital. In 13 Rabi Awal 1427 H (April 11, 2006), the Company extraordinary General Assembly, approved the increase of the Company share capital from SR 15,000 million to SR 20,000 million through a stock dividend of one bonus share for each three outstanding shares through a transfer from the retained earnings to the capital The company commenced its operations as the provider of telecommunications services throughout the Kingdom of Saudi Arabia on 6 Muharram 1419 H (May 2, 1998) and received its commercial registration No. 1010150269 as a Saudi Joint Stock Company on 4 Rabi Awal 1419 H (June 29, 1998) The company s head office is located in Riyadh.

Secondary Share Offering

Saudi Arabia's Public Investment Fund (PIF) has sold 120 million shares in Saudi Telecom Company (stc) for $3.2 billion after completing a secondary share offering of the kingdom's largest mobile operator.[2][3]

Services

STC services are divided into three broad categories: Al-Jawal (mobile network), Al-Hatif (landline network), Stc-Pay (Digital Payment) and Enterprise services.[4]

Chairman
  • Prince Mohammed K. ALFaisal, independent

Board of Directors
  • HE. Dr. Khaled H. Biyari, non-executive
  • HE. Mohammed Talal Al-Nahhas, non-executive
  • Mr. Yazeed A. AlHumied, non-executive
  • Ms. Rania M. Nashar, non-executive
  • Mr. Sanjay Kapoor, non-executive
  • Mr. Arndt F. Rautenberg, non-executive
  • Ms. Sara J. AlSuhaimi, Independent
  • Mr. Ahmed Mohammed Al-Omar, non-executive
  • Mr. Jameel A. AlMulhem, Independent
  • Mr. Waleed I. Shukri, Independent

STC subsidiaries
Subsidiaries
NameCountry of incorporationShareholding percentage
Arabian Internet and Communications Services Company Limited (“Solutions by stc”)Saudi Arabia79%
Telecom Commercial Investment CompanyLimited (“TCIC”)Saudi Arabia100%
Aqalat Company Limited (“Aqalat”)Saudi Arabia100%
Saudi Telecom Specialized Company (“Specialized by stc”)Saudi Arabia100%
Sapphire Company Limited (“Sapphire”)Saudi Arabia100%
Saudi Telecom Channels Company (Channels by stc)Saudi Arabia100%
Telecommunications Towers Company Ltd.(“TAWAL”)Saudi Arabia100%
Saudi Digital Payments Company (“stc Pay”)Saudi Arabia100%
Smart Zone Real Estate CompanySaudi Arabia100%
Advanced Technology and Cybersecurity CompanySaudi Arabia100%
stc Bahrain BSC (C) (“stc Bahrain")Bahrain100%
Kuwait Telecommunications Company (“stc Kuwait”)Kuwait51.8%
stc Asia Telecom Holdings Ltd (“stc Asia”)British Virgin Islands100%

In February 2022, it was announced that STC subsidiary, TAWAL, has acquired the Pakistani company, AWAL Telecom Private Limited - an independent passive telecommunications tower provider, for an undisclosed sum. AWAL will be rebranded as TAWAL Pakistan.[5]

References
  1. https://www.stc.com.sa/wps/wcm/connect/english/stc/NewsItems/stc-income-q4-2018
  2. https://www.arabianbusiness.com/money/corporate/capital-markets/saudis-pif-raises-3-2bn-from-stc-share-sale
  3. Bloomberg (12 December 2021). "Saudi wealth fund PIF raises $3.2bn from sale of STC stake". Gulf Business. Retrieved 20 January 2022.
  4. STC website. "STC What's on! Business Fifth Edition" (PDF). www.stc.com.sa. Retrieved 4 August 2014.
  5. "STC tower subsidiary enters Pakistan through acquisition". www.capacitymedia.com. Retrieved 10 February 2022.

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