Etihad Atheeb acquires additional spectrum for SAR 21 bln

Etihad Atheeb Telecommunication Co. (Atheeb Telecom) has acquired additional spectrum for SAR 21 billion in an auction conducted by the Communications and Information Technology Commission (CITC), the company said in a statement to Tadawul on Thursday.

The company will finance the deal through facilities that will be announced later.

The firm will pay 30 percent, or SAR 619 million of the total value in 2017, and the remainder would be paid in equal annual installments over a 10-year period.

Atheeb acquired 2x10 MHz block in the 700 MHz spectrum and 2x10 MHz block in the 1800 MHz spectrum, for 15 years starting Jan. 1, 2018.

The new spectrum is expected to boost the company’s performance, the statement said.