stc inks SAR 32.6B deal with government entity

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Telecom giant stc signed on Jan. 27 a contract with a government entity worth SAR 32.64 billion to build, operate and provide telecommunications infrastructure services.

In a statement to Tadawul, the telecom operator said that the contract has a term of 18 months for the preparation and execution, followed by 15 years for the project operation.

The financial impact will be positive and the revenue will be recognized in stc's consolidated financial statements after the initial operation of the project, which is expected to be in the fourth quarter of 2026, until the end of the contract period, the statement added.

No related parties are included in the deal, the company said.