Riyadh: stc Group CEO Olayan Mohammed Alwetaid said that the largest telecommunications towers company in the region became a reality following PIF’s signing of definitive agreements to acquire a majority stake in Tawal.
Alwetaid, in a statement to the Saudi Press Agency, said that this transaction represents a step forward in stc Group’s expansion and growth, and recycling of the return on investment. He emphasized that this acquisition would strengthen the ICT sector infrastructure, and enhance the Kingdom’s position as a leading digital hub.
Regarding the expected return for investors, Alwetaid said: “We have adopted a clear and well-defined strategy aimed at achieving the best return on investment that benefits both the group and investors in the medium and long term.”
Source: Saudi Press Agency