Saudi Telecom Company STC announced that it has received a notification from the Communications and Information Technology Commission, on Tuesday evening 16 Jumada I 1440H corresponding to 22 January 2019, that it has won the auction on frequencies organized and managed by CITC in the frequency band (2300), which is considered one of the most effective frequencies band due to its distinctive characteristics in coverage and capacity compared to the higher bands, for a period of 15 years starting from 1/1/2020 to 31/12/2034, with a total value of (360) million Saudi riyals to be paid in an equal installments during 15 years starting from 1/1/2020.
This investment will be internally-financed from the company, and is not expected to have a material impact on the company's financial results.
The acquisition of these frequencies by the company is considered an additional investment that is intended to increase the capacity of the mobile network significantly in order to meet the increase demand of services and to increase the speed and quality of the Internet, in addition, to provide the best telecommunications services in line with the latest technologies in the field of telecommunications and information technology to meet the current and future customers’ expectations. Such investment supports the company's strategy to develop its networks within the Kingdom, which contributes to the achievement of the objectives of the Kingdom’s vision of 2030.
Source: Press Release