PIF inks deal to acquire stake in stc’s TAWAL for SAR 8.7B

stc Group signed, on April 21, a sale and purchase agreement (SPA) with the Public Investment Fund (PIF) to sell 51% of Telecommunication Towers Company Limited (TAWAL) for cash.

In a statement to Tadawul, the telecom operator said that the agreements were signed to transfer the ownerships of TAWAL, PIF-owned Golden Lattice Investment Co. (GLIC), which owns and operates 8,069 telecommunications towers in the Kingdom, Prince Saud bin Fahad bin Abdulaziz, and Sultan Holding Co. under a new entity.