Dubai, UAE – Saudi Telecom Company (stc) Monday said it has received a no-objection certificate from the kingdom’s General Authority for Competition to sell its 49 percent stake in Contact Center Co. (CCC) to Arabian Internet and Communications Services Co.
The company did not disclose the value of the deal that is expected to be closed in the second quarter of 2023. The completion of the transaction is subject to other regulatory and commercial conditions.
In January 2023, stc had signed a sale and purchase agreement with solutions to sell its entire 49 percent stake in Contact Center for cash. The telecom giant has a 79 percent stake in solutions.
Record revenue
stc revenue exceeded $17 billion for the first time ever in 2022, reaching 67.43 billion riyals ($17.97 billion).
Net profit for the year was 12.17 billion riyals, an increase of 7.60 percent compared to 2021, while the operating profit increased by 10.65 percent to reach 37.39 billion riyals.
stc said it will distribute a total of 1.99 billion riyals in cash dividends to the shareholders for the 4th quarter of 2022.
The eligibility of dividends shall be for the shareholders at the close of trading on Sunday 26 Feb 2023 and as per the registered shareholders in stc’s shareholders registry in the Depository Center at the end of the second trading day following the eligibility date. Dividend distribution date will be on Thursday 16 Feb 2023.