RIYADH: Saudi Telecom Co. (STC) has confirmed its plan to list the shares of its internet services unit in an initial public offering (IPO).
This follows the completion of a feasibility study into the listing of the Arabian Internet and Communications Services Co.
The company said on Wednesday that it was now in the process of submitting an application for the registration and offering of its shares to the Capital Market Authority and of an application for the listing of its shares to the Saudi Stock Exchange. STC in February topped the list of the most valuable telecoms brands in the Middle East and Africa, just weeks after it reported its highest-ever annual revenue for eight years. STC’s brand value increased 14 percent to $9.2 billion, jumping five places to 13th on the annual Brand Finance Telecoms 150 2021 report.
The ranking comes as it reported its highest annual revenue for eight years. In 2020, total revenues reached SR 58.94 billion ($15.72 billion), an increase of 8.43 percent. As a result, operating profit reached SR 12.81 billion, an increase of 2.69 percent.
The Communications and Information Technology Commission also announced earlier this month that STC has the highest mobile download speed in the Kingdom.
