stc completes 51% stake sale in TAWAL to PIF

stc Group announced the transfer of Golden Lattice Investment Company (GLIC) ownership to a new entity.

Additionally, all procedures for selling its 51% stake in TAWAL to the Public Investment Fund (PIF) were completed on Dec. 31, the telco said in a statement to Tadawul.

The transaction was finalised after obtaining all necessary regulatory and commercial approvals.

The company indicated that the financial impact of the deal will be substantial and will be reflected in its financial results for 2024.

Any material developments will be announced in due course.

On April 21, stc signed a sale and purchase agreement (SPA) with the PIF to sell 51% of TAWAL for cash, according to data available on Argaam.

TAWAL and Golden Lattice Investment Co. (GLIC) will be merged to form the largest telecommunications tower company in the region and provide the best services to customers.

Accordingly, the shareholding of the new entity will be as follows: