Addendum announcement from STC regarding the development of the contract signed for TV and digital broadcasting and the marketing sponsorships with the General Sport Authority and Saudi Arabian Football Federation
|Introduction||Reference to the announcement of the Saudi Telecom Company (STC) (the company) published on Tadawul on 4/3/1440 H corresponding to 12 November 2018, concerning the signing of an agreement on 1 August 2018 corresponding to 19 Dhu al-Qi'dah 1439 AH, with the General Sport Authority and Saudi Arabian Football Federation for TV and digital broadcasting and the marketing sponsorships for a period of 10 years (2019/2018)|
|Date of Posting the Previous Announcement of Development on Tadawul's Website||2018-11-12 Corresponding to 1440-03-04|
|Change on the Development||The company announces that the negotiations with the General Sport Authority and Saudi Arabian Football Federation on the revision of these agreements have been completed and accordingly the company decided not to continue those agreements because of their commercial feasibility in light of developments related to the mechanism of TV and digital broadcasting and the marketing sponsorships. The company is currently working to terminate those agreements.|
|Financial Impact on the change||It is not expected to have a material impact.|
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