STC approves PIF purchase of telecom company

AGBI

STC approves PIF purchase of telecom company

Tawal to become PIF subsidiary Annual revenues to be $1.3bn New entity to have 30,000 towers Shareholders of Saudi telecom giant STC have approved plans to create a new telecommunications infrastructure company in which the Public Investment Fund will have a 51 percent stake valued at SAR8.7 billion ($2.3 billion).  Under the deal, the STC-owned Telecommunication Towers Co. Limited (Tawal) will become a PIF subsidiary through a merger with Gold…