Saudi Telecom’s next board chair will likely be a government official

03/04/2015 Argaam
A government representative will likely serve as the next chair of Saudi Telecom Company (STC), said board member Abdul-Rahman bin Abdul Aziz Mazi.
 
There are currently four candidates: one representing the ministry of communications and information technology, while the others represent the Public Investment Fund, he told Al-Arabiya T.V. 
 
Mazi called on the government to gradually reduce its holdings in state-owned companies and allow more participation for the private sector under the privatization program.
 
According to data available on Argaam, STC’s general assembly recently elected a new board for the next three-year term which runs from April 28, 2015 to April 27, 2018.
 
Saudi Arabia’s Public Investment Fund currently owns a 70 percent stake in the state’s flag operator, while the General organization for Social Insurance owns seven percent. The Public Pension Agency owns 6.69 percent, while the remaining capital belongs to various private sector entities.

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