The STC Group has conducted a review of its investment in the BGSM Group including the manner in which this investment is being managed and how joint control has been effectively exercised.
As a result of such review the STC Group has signed an amendment to the BGSM shareholders agreement with BGSM and the other shareholders of BGSM on 31 December 2013 with respect to certain operational matters of the Aircel Group.
Consequently it has been concluded that it is no longer appropriate for the STC Group to account for its interest in the Aircel Group using the equity method. The financial impact of this agreement will be disclosed in the quarter four 2013 results likely to be announced on 19 January 2014.
The Capital Market Authority and Saudi Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.