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MarketScreener Homepage  >  Equities  >  Saudi Arabian Stock Exchange  >  Saudi Telecom Company    7010   SA0007879543

SAUDI TELECOM COMPANY

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Saudi Telecom : Vodafone says STC 'substantively' completed due diligence on Egypt unit stake sale

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09/14/2020 | 03:24am EDT
The spread of the coronavirus disease (COVID-19), in Cairo

Vodafone Group said on Monday due diligence regarding the $2.4 billion sale of its 55% stake in its Egyptian unit has been "substantively" completed by the potential buyer, Saudi Telecom Co (STC).

The London-listed telecom firm said that despite the expiry of a memorandum of understanding, the company remains in talks with Saudi Arabia's largest telecoms operator to finalise the deal in the near future.

"Vodafone now looks to STC and Telecom Egypt to find a suitable agreement to enable the transaction to close," Vodafone Group said in a statement.

On Sunday, STC said no agreement had been reached to buy the stake in Vodafone Egpyt, and that the parties have agreed to keep dialogue open.

STC had in January signed a non-binding agreement, before citing coronavirus-driven logistical challenges to seek extension twice, first in April and then in July.

Originally expected to close in June, the deal would have been STC's biggest in more than a decade.

With 44 million subscribers and a 40% market share, Vodafone Egypt is the country's biggest mobile operator.

(Reporting by Aby Jose Koilparambil in Bengaluru; Editing by Saumyadeb Chakrabarty and Devika Syamnath)

Stocks mentioned in the article
ChangeLast1st jan.
SAUDI TELECOM COMPANY -0.60% 100 End-of-day quote.-1.77%
VODAFONE GROUP PLC -0.04% 103.8 Delayed Quote.-29.27%
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Financials
Sales 2020 56 581 M 15 086 M 15 086 M
Net income 2020 11 310 M 3 015 M 3 015 M
Net Debt 2020 3 068 M 818 M 818 M
P/E ratio 2020 17,9x
Yield 2020 4,00%
Capitalization 200 B 53 325 M 53 325 M
EV / Sales 2020 3,59x
EV / Sales 2021 3,49x
Nbr of Employees -
Free-Float 30,0%
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Technical analysis trends SAUDI TELECOM COMPANY
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TrendsBullishBullishBullish
Income Statement Evolution
Consensus
Sell
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Mean consensus HOLD
Number of Analysts 12
Average target price 97,85 SAR
Last Close Price 100,00 SAR
Spread / Highest target 7,00%
Spread / Average Target -2,15%
Spread / Lowest Target -11,0%
EPS Revisions
Managers
NameTitle
Nasser Sulaiman A. Al-Nasser Group Chief Executive Officer
Mohammed Khaled Al-Abdullah Al-Faisal Chairman
Haithem Mohammed Al-Faraj Senior VP-Technology & Operations
Ameen Fahad ben Abdulaziz Al-Shiddi Chief Financial Officer
Ibraheem Abdul Rahman Hamd Al-Qadi Independent Director
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