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    7010   SA0007879543

SAUDI TELECOM COMPANY

(7010)
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Western Union buys 15% stake in Saudi Telecom's digital payment unit

11/21/2020 | 11:55pm EDT
FILE PHOTO: A man sits on a chair next to Western Union currency exchange office in Prague

DUBAI (Reuters) - Western Union, the world's largest money transfer firm, has acquired a 15% stake in the digital payment unit of Saudi Arabia's STC Group for $200 million.

The acquisition of stc pay, which values the company at 5 billion riyals ($1.3 billion), will finance its capital and support long-term expansion plans, Saudi Arabia's largest telecoms operator said in a statement on Saturday.

STC Group chairman Mohammed bin Khalid Abdullah Al Faisal said the investment reflected the company's position as a "digital enabler". He said the deal created the first "Saudi unicorn and the first fintech unicorn in the Middle East".

Unicorns are generally defined as private companies valued at $1 billion or more.

Sources told Reuters last month that STC had hired banks to arrange a potential initial sale of shares in its product and services development arm, Solutions by STC.

Reducing dependence on cash is part of Saudi government efforts to modernise the economy of the world's largest oil exporter.

STC said its stc pay unit is the first licensed fintech company by the Saudi Arabian Monetary Authority, the Saudi central bank, and has more than 4.5 million users.

(Reporting by Davide Barbuscia; Editing by Mike Harrison)


ę Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
LONDON BRENT OIL 0.44% 73.22 Delayed Quote.42.82%
SAUDI TELECOM COMPANY -1.36% 130.4 End-of-day quote.23.02%
THE WESTERN UNION COMPANY -0.77% 23.25 Delayed Quote.5.97%
WTI 0.78% 71.41 Delayed Quote.48.31%
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Financials
Sales 2021 61 306 M 16 348 M 16 348 M
Net income 2021 11 443 M 3 052 M 3 052 M
Net cash 2021 8 034 M 2 142 M 2 142 M
P/E ratio 2021 22,5x
Yield 2021 3,37%
Capitalization 260 B 69 443 M 69 443 M
EV / Sales 2021 4,12x
EV / Sales 2022 4,04x
Nbr of Employees -
Free-Float 29,9%
Chart SAUDI TELECOM COMPANY
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Technical analysis trends SAUDI TELECOM COMPANY
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TrendsBullishBullishBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 13
Average target price 116,46 SAR
Last Close Price 130,40 SAR
Spread / Highest target 9,59%
Spread / Average Target -10,7%
Spread / Lowest Target -27,1%
EPS Revisions
Managers and Directors
NameTitle
Olayan Mohammed Al-Wetaid Chief Executive Officer
Ameen Fahad ben Abdulaziz Al-Shiddi Chief Financial Officer
Mohammed Khaled Al-Abdullah Al-Faisal Chairman
Haithem Mohammed Al-Faraj Senior Vice President-Technology & Operations
Abdulaziz Abdullah Al-Qatie Vice President-Investment Operations
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