stc to discuss transfer of SAR 11.2 bln statutory reserve to retained earnings on June 21

Logo of Saudi Telecom Co. ( stc )

Saudi telecom major stc’s shareholders will vote on transferring the balance of statutory reserve amounting to SAR 11.2 billion, as of Dec. 31, 2022, to retained earnings, during an extraordinary general assembly meeting to be held on June 21.

According to a Tadawul statement today, May 18, shareholders will also vote to amend the telco’s articles of association, in accordance with the new Companies Law.