Saudi Telecommunication Company (STC) has signed an agreement with Oger Telecom, which is one of the biggest telecommunications companies in the region. Under the agreement, STC will purchase 35 percent of the shares of Oger Telecom at a total value of sr 9.6 billion ($2.56 billion). This development comes within the framework of the efforts of STC to broaden the scope of its foreign investments. On behalf of STC the agreement was signed by Chairman of its Board of Directors Dr Mohammed bin Suleiman al-Jasser, and on behalf of Oger Telecom by Chairman of its Board of Directors Mohammed al-Hariri. Dr al-Jasser said the agreement will enable STC to benefit from the Turkish and South African markets which are considered important developing markets. He noted that the agreement comes in line with the company's strategy to externally broaden its activities. Al-Jasser said this development will make STC own subscribers of more than 70 million inside the Kingdom and a number of other countries, notably India, Indonesia, Malaysia, Turkey and South Africa through extending telecommunications services in seven important markets, namely the markets of Saudi Arabia, Turkey, South Africa, India, Malaysia, Indonesia and Kuwait.
