Saudi Telecom Company
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|Founded||21 April 1998|
|Mohammed bin Khalid Abdullah |
|Revenue||$15.7 billion (2020)|
|$3.39 billion (2020)|
|$2.93 billion (2020)|
|Total assets||$32.53 billion (2020)|
Number of employees
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.
stc was established as a Saudi Joint Stock Company pursuant to Royal Decree No. M/35 dated 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 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 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 January 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. On 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 May 2, 1998 and received its commercial registration No. 1010150269 as a Saudi Joint Stock Company on June 29, 1998 The company's headquarters is located in Riyadh.
In 2017, the Saudi Digital Payments Company (STC Pay) was established, and it was launched, and its official work began in 2018. In December 2019, the company launched a new identity, and the names of its branches in Bahrain and Kuwait were changed from FIFA to STC Kuwait and STC Bahrain. In June 2021, the Central Bank of Saudi Arabia approved the conversion of the Saudi Digital Payments Company (STC Pay) into a digital bank. The company is currently operating as a conglomerate to manage all assets, subsidiaries and joint ventures by the Saudi Telecom Group.
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. Saudi Arabia's government owns 64% of the major telecom through PIF.
In June 2022, an $8 billion increase in capital was proposed that would represent 150% capital increase to finance its growth and expansion plans.
STC services are divided into three broad categories: Al-Jawal (mobile network), Al-Hatif (landline network), Stc-Pay (Digital Payment) and Enterprise services.
- Prince Mohammed K. ALFaisal, independent
|Name||Country of incorporation||Shareholding percentage|
|Arabian Internet and Communications Services Company Limited (“Solutions by stc”)||Saudi Arabia||79%|
|Telecom Commercial Investment CompanyLimited (“TCIC”)||Saudi Arabia||100%|
|Aqalat Company Limited (“Aqalat”)||Saudi Arabia||100%|
|Saudi Telecom Specialized Company (“Specialized by stc”)||Saudi Arabia||100%|
|Sapphire Company Limited (“Sapphire”)||Saudi Arabia||100%|
|Saudi Telecom Channels Company (Channels by stc)||Saudi Arabia||100%|
|Telecommunications Towers Company Ltd.(“TAWAL”)||Saudi Arabia||100% *sold to PIF on 2022|
|Saudi Digital Payments Company (“stc Pay”)||Saudi Arabia||100%|
|Smart Zone Real Estate Company||Saudi Arabia||100%|
|Advanced Technology and Cybersecurity Company||Saudi Arabia||100%|
|stc Bahrain BSC (C) (“stc Bahrain")||Bahrain||100%|
|Kuwait Telecommunications Company (“stc Kuwait”)||Kuwait||51.8%|
|stc Asia Telecom Holdings Ltd (“stc Asia”)||British Virgin Islands||100%|
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.
- ^ "STC - STC's Net Income for Q4 2018 compared to the comparable quarter last year and the 3rd quarter this year increased by 22.0% & 17.9% (Respectively)". Archived from the original on 20 December 2019. Retrieved 20 December 2019.
- ^ "الصفحة الرئيسية". www.stc.com.sa. Retrieved 14 April 2023.
- ^ "الموافقة على قيام شركة الاتصالات السعودية بشراء حصص الشركاء في الشركة العربية لخدمات الإنترنت والاتصالات (أول نت)". www.cst.gov.sa. Retrieved 14 April 2023.
- ^ "اقتصادي / الاتصالات السعودية تدشن شركة " STC Pay " للمدفوعات الرقمية وكالة الأنباء السعودية". www.spa.gov.sa. Retrieved 14 April 2023.
- ^ الوطن, الرياض (19 December 2019). "الاتصالات السعودية تطلق سمتها التجارية الجديدة". Watanksa (in Arabic). Retrieved 14 April 2023.
- ^ "وزير المالية ومحافظ البنك المركزي السعودي يشكران القيادة بمناسبة موافقة مجلس الوزراء على الترخيص لبنكين محليين رقميين". www.sama.gov.sa. Retrieved 14 April 2023.
- ^ "Saudi's PIF raises $3.2bn from stc share sale". Archived from the original on 15 December 2021.
- ^ Bloomberg (12 December 2021). "Saudi wealth fund PIF raises $3.2bn from sale of STC stake". Gulf Business. Retrieved 20 January 2022.
- ^ "Saudi Telecom board proposes $8 bln capital increase". Reuters. 12 June 2022. Retrieved 12 June 2022.
- ^ STC website. "STC What's on! Business Fifth Edition" (PDF). www.stc.com.sa. Archived from the original (PDF) on 8 August 2014. Retrieved 4 August 2014.
- ^ "STC tower subsidiary enters Pakistan through acquisition". www.capacitymedia.com. 10 February 2022. Retrieved 10 February 2022.