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The contract has a duration of 18 months for preparation and execution, followed by 15 years of project operations DUBAI - Saudi Arabias largest telecoms operator STC Group on Tuesday said it won a contract worth 32.64 billion riyals ($8.70 billion) from a government entity to build, operate and provide telecommunications infrastructure services. The contract has a duration of 18 months for preparation and execution, followed by 15 years of project operations, STC said in a regulatory filing. It did not disclose the identity of the government entity. The financial impact will be positive and revenue will be recognised after the project becomes operational, STC said, which is expected to occur in the fourth quarter of 2026 and continue till the end of the contract. Shares of STC jumped 3% at the open to trade at around 43 riyals a piece at 0700 GMT. ($1 = 3.7507 riyals) |
