Saudi Telecom Company (stc) was established as a Saudi Joint Stock Company pursuant to Royal Decree No. M/35 dated 24 Dhul Hijja 1418H (corresponding to 21 April 1998) that authorized the transfer of the telegraph and telephone division of the Ministry of Post, Telegraph and Telephone (MoPTT) with its various components, technical and administrative facilities to stc in accordance with the Council of Ministers Resolution No. 213 dated 23 Dhul Hijja 1418H (corresponding to 20 April 1998) that approved stc bylaws (bylaws).

stc commenced its operation in the Kingdom as the provider of telecommunications services throughout the Kingdom of Saudi Arabia (the Kingdom) on 6 Muharram 1419H (corresponding to 2 May 1998) and received its Commercial Registration No. 1010150269 as a Saudi Joint Stock Company on 4 Rabi al-Awal 1419H (corresponding to 29 June 1998). stc head office is located in King Abdulaziz Complex, Imam Mohammed Bin Saud Street, Al Mursalat Area, Riyadh, Kingdom of Saudi Arabia.

stc was wholly owned by the Government of the Kingdom of Saudi Arabia. The Government sold 30% of its shares pursuant to the Council of Ministers Resolution No. 171 dated 2 Rajab 1423H (corresponding to 9 September 2002). The Public Investment Fund (PIF) is stc’s primary controlling shareholder, holding a 62% stake, while 38% of the shares are publicly available as free float.

During the year 2022 stc capital has been increased by 150% via capitalizing SAR 30 billion of retained earnings and granted 1.5 bonus shares for each 1 share owned by shareholders at the eligibility date. Thus, stc capital increased from SAR 20 billion to SAR 50 billion. The increase in stc capital will support achieving its growth and expansion strategy, along with maximizing its shareholders return by increasing and diversifying stc investments and seizing the expected growth opportunities in the telecommunication and technology sector in the Kingdom of Saudi Arabia and the region.