Riyadh – Mubasher: Saudi Telecom Company (STC) announced on Sunday signing a memorandum of understanding (MOU) with Mobily to jointly explore options for extracting value from their owned telecommunications towers.

The MoU aims to reduce the capital and operating expenditures of the telecommunications towers of the two companies around the kingdom, according to a bourse filing.

The agreement is valid for three months starting from 31 July and could be extended for another 30 consecutive days upon agreement of both parties.

“Both companies may also consider involving other licensed operators in the assessment to the extent that their objectives align with those of STC and Mobily,” the statement said.