Saudi Telecom Company announces the establishment of Venture Fund.
Saudi Telecom Company (the Company) announces that its Board of Directors approved on 28/8/1438H corresponding to 24/5/2017AD the establishment of Independent fund of USD 500 million (equivalent to SAR 1,875 million) to be financed by five equal tranches, each tranche will be 100 Million dollar in self-financing from the company's sources for the purpose of investing in promising and fast-growing digital and technology sectors in addition to the comprehensive development of the digital system in the region, which is considered the main driver of the transformation in the digital economy. The move is in line with STC's strategy to diversify its investments. The fund will not only invest in venture fund, it will also benefit from the company's assets to support its investments through expansion and growth through an independent governance and operating system designed for this purpose according to international best practice.
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