Saudi Telecom Company - stc - (the Company) announced its intention to establish a company specialized in datacenter hosting, international and regional connectivity “The new company”, with its head office to be located in the Kingdom of Saudi Arabia. The new company's initial capital will be SAR 100 million and it will be 100% owned by stc. stc will finance this investment from its own resources.

stc intends to transfer its data centers, international submarine cables and international points of presence assets to the new company, knowing that the initial valuation of these assets amounted to approximately (SAR 2.1 billion) as of December 2021. Further, the new company is expected to inject (SAR 1.7 billion) as an additional investment, which brings the total investment to (SAR 3.8 billion).