Saudi Telecom Co. (STC) on Wednesday obtained mobile phone licenses in the 700 megahertz (MHz) and 1800 MHz frequency bands for a total value of SAR 2.51 billion, the telecom operator said in a statement to Tadawul on Thursday.
The licenses were obtained in a frequency auction organized by the Kingdom’s Communications and Information Technology Commission (CITC).
STC acquired a 2x15 block in the 700 MHz spectrum band and a 2x8 block in the 1800 MHz band for 15 years, starting Jan. 1, 2018.
The company will pay SAR 752 million, or 30 percent of the total value, this year. The rest will be paid in equal installments over ten years, starting from 2019.
The payment will be financed from internal resources, STC said, adding that it is not expected to have a material impact on financial results.
The new spectrum will boost STC’s broadband services and help it improve service quality, the statement added.
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