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Addendum announcement from Saudi Telecom Company (stc) in regard to the memorandum of understanding (MoU) with Vodafone to acquire the group’s shareholding in Vodafone Egypt

STC 7010 -4.35% 39.60 -1.80
Element List Explanation
Introduction With reference to the announcement made by Saudi Telecom Company (“stc”) dated ‪04/06‬/1441H (corresponding to 29/01/2020G) regarding the signed non-binding memorandum of understanding (“MoU”) with Vodafone Group (“Vodafone”) in relation to the potential acquisition of Vodafone’s 55% shareholding in Vodafone Egypt.‬‬‬‬‬‬‬‬
Date of Posting the Previous Announcement of Development on Tadawul's Website 2020-01-29 Corresponding to 1441-06-04
URL of the Previous Announcement Click Here
Change on the Development stc announces that due to the logistical challenges caused by the COVID-19 pandemic, the parties need more time to complete the processes related to the transaction, including the due diligence and they have therefore agreed to extend the MoU for 90 days starting from today.

Both parties will be working to progress the transaction as set out in the MoU during this period.

Any material development with respect to it will be announced to the market in due course.

Financial Impact on the change None
Additional Information None

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