HomeBusinessSaudi Telecom sets up new entity for data centres, cable assets

Saudi Telecom sets up new entity for data centres, cable assets

DUBAI : Saudi Telecom (STC) mentioned on Wednesday it might switch its data centres, worldwide submarine cables and factors of presence assets to a new wholly-owned firm, a day after information it might make investments $1 billion in these assets.

Government-controlled STC mentioned in a press release the new entity would have an preliminary capital of 100 million riyal ($26.66 million), which STC would finance from its personal sources.

The preliminary worth of the assets transferred was 2.1 billion riyal, whereas the new firm was anticipated to spend 1.7 billion in further funding, STC mentioned in a bourse submitting.

Saudi Arabia on Tuesday launched investments price $6.4 billion in future applied sciences, together with a $1 billion funding by STC, whose high shareholder is the Public Investment Fund.

The spin-off of the data centre and submarine cable assets comes lower than a 12 months after STC offered shares in its tech enterprise.

($1 = 3.7516 riyals)

(Writing by Alexander Cornwell; Editing by Mark Potter)

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