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  • 13-06-22

    STC stocks increase 6.6 percent amid board plans to boost firm by 150 percent

    (MENAFN) Saudi Telecom Co.’s stocks surged 6.6 percent on Sunday following the board planned to boost the firm’s capital by 150 percent via the publish of bonus stocks.

    In line with a bourse filing also branded as stc, the telecom giant’s capital strategy requires rising capital from SR20 billion (USD5.33 billion) to SR50 billion.

    In reply to the declaration, the share price increased to end at SR107 (around USD28) per stock, after exchange of about 19 million stocks.

    Stakeholders are set to collect 1.5 stocks for every stock possessed by capitalizing a value of SR30 billion (nearly USD8 billion) from reserved gaining.

    The firm stated that “The increase in stc’s capital will support achieving its growth and expansion strategy along with maximizing its shareholders’ return.”

    MENAFN13062022000045014228ID1104364252

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