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

SAUDI TELECOM COMPANY

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

11/21/2020 | 11:55pm EST
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)


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
LONDON BRENT OIL 1.13% 48.24 Delayed Quote.-26.00%
SAUDI TELECOM COMPANY -0.74% 107.2 End-of-day quote.5.30%
WESTERN UNION COMPANY -0.27% 22.52 Delayed Quote.-15.91%
WTI 1.29% 45.54 Delayed Quote.-25.37%
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Financials
Sales 2020 58 248 M 15 531 M 15 531 M
Net income 2020 11 022 M 2 939 M 2 939 M
Net Debt 2020 4 769 M 1 272 M 1 272 M
P/E ratio 2020 19,3x
Yield 2020 3,73%
Capitalization 214 B 57 119 M 57 116 M
EV / Sales 2020 3,76x
EV / Sales 2021 3,68x
Nbr of Employees -
Free-Float 30,0%
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Mean consensus HOLD
Number of Analysts 13
Average target price 100,39 SAR
Last Close Price 107,20 SAR
Spread / Highest target 18,5%
Spread / Average Target -6,35%
Spread / Lowest Target -17,0%
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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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