STC awarded additional frequency band for 15 years for SAR360mn
Saudi Telecom Company (STC) [7010.SE] won an auction for the 2,300MHz spectrum licence for a period of 15 years (starting 2020) for SAR360mn, to be paid in 15 equal annual instalments. This licence cost will be financed from STC’s internal sources and is not expected to have a material impact on its financial results, according to the company’s statement. STC added that the acquisition of the frequencies is considered an additional investment intended to increase the capacity of its mobile network to meet increased demand and provide latest technologies. (Tadawul)
Saudi Telecom Company: SAR102.00 as of 22 Jan. 2019, Rating: Neutral, TP: SAR71.00/share, MCap: USD54,400mn, STC AB/7010.SE
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