Saudi Telecom Co. — Capital/Financing Update 2016

Jul 31, 2016

Saudi Telecom Company announces signing of an MOU with Etihad Etisalat Company (Mobily)to explore options for extracting value from their respective telecommunications tower portfolios

7010 · 31/07/2016 16:18:31 · Announcement #43446 · View on Saudi Exchange

Saudi Telecom Company announces signing of an MOU with Etihad Etisalat Company (Mobily)to explore options for extracting value from their respective telecommunications tower portfolios

Saudi Telecom Company (STC) announces signing of a Memorandum of Understanding (MOU) with Etihad Etisalat Company )Mobily( on 31 July 2016 to jointly explore options for extracting value from their respective telecommunications tower portfolios with the objective of reducing their capital and operating expenditures of telecommunications towers In all regions of the Kingdom.

The MOU includes the following:

-The MOU is effective for three months starting the day of signature on 31 July 2016. This MOU may be extended for consecutive periods of 30 calendar days upon agreement by both parties.

- The MOU does not include any parties related to STC.

- Both companies may also consider involving other licensed operators in the assessment to the extent that their objectives align with those of STC and Mobily.

Any developments will be announced in due course.

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