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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 : says no deal reached on Vodafone Egypt stake

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09/13/2020 | 02:14am EDT

DUBAI, Sept 13 (Reuters) - Saudi Arabia's largest telecoms operator Saudi Telecom Co (STC) on Sunday said no agreement has been reached to buy a 55% stake in Vodafone Egypt , and that the parties have agreed to keep dialogue open.

In January, STC signed a non-binding agreement to buy the stake for $2.4 billion, extending the offer in April and again in July.

Originally expected to close in June, the deal would have been STC's biggest in over a decade and valued Vodafone Egypt at$4.4 billion.

STC ended the second extension "without reaching an agreement to conclude the transaction due to misalignment with relevant parties," it said in a stock exchange filing.

The non-binding agreement was reached before the coronavirus crisis struck and STC cited logistical challenges caused by the pandemic when it announced a 90-day extension in April.

With 44 million subscribers and a 40% market share, Vodafone Egypt is the country's biggest mobile operator. STC is majority owned by Saudi Arabia's sovereign wealth fund, the Public Investment Fund (PIF).

(Reporting by Yousef Saba; Editing by Christopher Cushing and Susan Fenton)


Stocks mentioned in the article
ChangeLast1st jan.
SAUDI TELECOM COMPANY -0.19% 103.2 End-of-day quote.1.38%
VODAFONE GROUP PLC 1.35% 108 Delayed Quote.-27.39%
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Financials
Sales 2020 56 469 M 15 057 M 15 057 M
Net income 2020 11 225 M 2 993 M 2 993 M
Net Debt 2020 4 383 M 1 169 M 1 169 M
P/E ratio 2020 18,5x
Yield 2020 3,88%
Capitalization 206 B 55 031 M 55 034 M
EV / Sales 2020 3,73x
EV / Sales 2021 3,60x
Nbr of Employees -
Free-Float 30,0%
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Saudi Telecom Company Technical Analysis Chart | 7010 | SA0007879543 | MarketScreener
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Mean consensus HOLD
Number of Analysts 13
Average target price 98,41 SAR
Last Close Price 103,20 SAR
Spread / Highest target 4,65%
Spread / Average Target -4,64%
Spread / Lowest Target -13,8%
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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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