STC sticks to plan for 9.9% Telefonica stake

MADRID/DUBAI: Saudi telecoms group STC has not changed its plans to effectively raise its stake in Telefonica to 9.9%, two sources familiar with the matter told Reuters, following a Spanish newspaper report that it now only intended to keep its current 4.9% stake.

In September, Saudi Arabia’s largest telecoms operator amassed a stake worth 2.1 billion euros ($2.23 billion), consisting of 4.9% of Telefonica’s shares and financial instruments that give it another 5% in so-called economic exposure to the company.