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OverviewSaudi Telecommunication Company is the Saudi digital enabler of telecommunications services in the Kingdom of Saudi Arabia, and among the operators in the Middle East. The company offers landline and fixed infrastructure, mobile and data services. stc offers mobile, broadband and cloud computing services. The company invested in next-generation networks, or NGNs, upgraded to packet-based architecture where information, services and media can be carried across the network. stc was established as a Saudi Joint Stock Company pursuant to Royal Decree No. M/35 dated 24 Dhul Hijja 1418 H (April 21, 1998) which authorized the transfer of the Telegraph and Telephone division of the Ministry of Post, Telegraph and Telephone (MoPTT) with its various components and technical and administrative facilities, to the company, and in accordance with the Council of Ministers Resolution No. 213 dated 23 Dhul Hijja 1418 H (April 20, 1998) which approved the company Articles of Association. The company was wholly owned by the Government of the Kingdom of Saudi Arabia, Pursuant to the Council of Ministers Resolution No. 171 dated 2 Rajab 1423 H (September 9, 2002) the Government sold 30% of its shares. At least 20% were appropriated for natural Saudi nationals and no more than 10% were appropriated equally for the Public Pension Fund and General Organization for Social Security. The Initial Public Offering (IPO) was ended on 3 Dhul Quada 1423 H (January 6, 2003) and The Council of Ministers, as the extraordinary general assembly of the company, approved, in accordance with resolution No. 171 mentioned above, the acceptance to increase the Company capital from SR12,000 million to SR15,000 million, by transferring from retained earning to capital.