Saudi Telecom Company (stc) announces the latest development regarding the signing of agreements with the Public Investment Fund (PIF) to sell a stake in Telecommunications Towers Company (TAWAL) and to combine the businesses of TAWAL and Golden Lattice Investment Company (GLIC).

Element List	Explanation
Introduction	With reference to the announcement made by Saudi Telecom Company (stc) on the Saudi Exchange dated 22-4-2024 related to signing of agreements with the Public Investment Fund (PIF) to sell a stake in Telecommunications Towers Company (TAWAL) and to combine the businesses of TAWAL and Golden Lattice Investment Company (GLIC).

stc announces that on 31-12-2024, and as part of the transaction procedures mentioned in the previous announcement, the ownership transfer of Golden Lattice Investment Company (GLIC) to the new established entity is completed. Additionally, all procedures for selling 51% stake of stc’s shares in TAWAL to PIF have been completed, after obtaining all necessary regulatory and commercial approvals.

The financial impact of the deal will be material and will be reflected in the financial results for the fiscal year 2024.

Any material developments will be announced in due course. Previous Announcement Saudi Telecom Company (stc) announces the signing of agreements with the Public Investment Fund (PIF) to sell a stake in Telecommunications Towers Company (TAWAL) and to combine the businesses of TAWAL and Golden Lattice Investment Company (GLIC). Date of Previous Announcement on Saudi Exchange’s Website 2024-04-22 Corresponding to 1445-10-13 Hyperlink to the Previous Announcement on the Saudi Exchange Website Click Here Latest Developments Of The Announced Event The transfer of the ownership of GLIC to the new entity, along with completing all necessary regulatory and commercial procedures for selling a 51% stake of stc's shares in TAWAL to PIF. The costs associated with the event, and if they have changed or not with indication of the reasons. N/A

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