Pontiff says an increase in foreign aid could help stem the flow of refugees and migrants seeking to enter Europe
“STC has exceeded the initially-announced target of making 10 per cent of its revenues from foreign expansions as we have up to now generated 21 per cent,” Chief Executive Saud Al Duweish was quoted as saying by Al Riyadh newspaper.
“The company will work to foster the gains of the acquisitions it has already made... and will continue to search and examine acquisition opportunities in the region,” he added, but gave no more details.
STC, the Arab world’s largest telecom company by market value, spent around $3.5 billion in 2008 on a 35-per cent stake in Oger Telecom and a 26-per cent stake in a consortium that won
More recently, STC won
STC is under intense pressure to improve profitability as a regional telecom war heats up, with rivals like
STC will also lose in 2009 its monopoly on
The company posted a worse-than-expected 62 per cent fall in fourth-quarter profit after losing 2 billion riyals ($533.3 million) to foreign currency fluctuations on acquisitions it made in 2008.
Pontiff says an increase in foreign aid could help stem the flow of refugees and migrants seeking to enter Europe
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