The Saudi Telecom Company (STC) on Monday announced that it has won a further spectrum in the frequency bands of 700MHz and 1800MHz through its participation in an auction.
The auction was conducted by the Communications and Information Technology Commission (CITC) on Sunday 11 December 2018, according to the company’s statement to the Saudi Stock Exchange (Tadawul).
Scheduled to be paid in equal annual installments, the total cost of the new frequency bands amounted to SAR 1.56 billion ($416 million), the kingdom’s state-owned telecoms operator said.
The total amount of the fee will be paid over the coming 14 years starting from 1 January 2019, and it will be self-financed from STC’s sources, the company added, expecting that the purchase will not affect its financial performance.
The additional frequency bands will enhance the quality of STC’s services in an effort to improve its customers’ experience, cope with the increase of data usage and prepare for the future technology evolutions.