Saudi telecom giant stc seeks shareholders’ nod to hike capital to $13bn

RIYADH: Saudi Telecom Co. has invited its shareholders to vote on the board’s recommendation to boost the company’s capital by 150 percent.

The telecoms giant, known as stc, seeks to increase its capital to SR50 billion ($13 billion) from SR20 billion, according to a bourse filing.

With the increase, stc said it will be able to achieve its growth and expansion strategy as well as maximize its shareholders' returns through increasing and diversifying its investments.

Earlier today, stc reported a higher profit of SR5.9 billion for the first half of 2022 along with SR2 billion quarterly dividends.