Riyadh - stc Group, Saudi Arabia’s leading digital enabler, announced that it has obtained approval from the Council of Ministers in Spain to increase its voting rights in Telefónica’s issued share capital to 9.97%, and the right to nominate a representative to the company’s Board of Directors. This announcement follows the previously disclosed acquisition of a stake in Telefónica.

The approval marks a significant step for stc Group, reinforcing its commitment to high-quality investments as part of its growth and expansion strategy.  By acquiring stakes in key strategic assets, stc Group demonstrates confidence, in Telefónica’s ability to maintain its market-leading position, leveraging its infrastructure assets, advanced technological capabilities, and extensive presence across Europe and Latin America.

The approval underscores the Spanish government’s endorsement of stc Group’s role as a strategic shareholder, acknowledging its potential to contribute to Telefónica’s development and long-term growth.

Commenting on the approval, stc Group CEO Olayan Al-Wetaid said: “Obtaining the required approvals from the Spanish Council of Ministers reflects stc’s role as a long-term strategic partner in Telefónica. As one of the company’s largest shareholders, we remain confident in Telefónica’s leadership and strategic outlook, and we look forward to working together to unlock value for all shareholders.”

About stc Group:

stc Group is an enabler of digital transformation, offering advanced solutions, and driving a role in the digitalization process. The group provides a comprehensive suite of services encompassing digital infrastructure, cloud computing, cybersecurity, Internet of Things (IoT), digital payments, digital media, and digital entertainment. The group comprises 13 subsidiaries across the Kingdom of Saudi Arabia, the Middle East, North Africa, and Europe.

For more information, visit: Website

Contact Details:
Investor Relations
IRU@stc.com.sa

Media Inquiries
PR@stc.com.sa