stc Group Secures Spanish Approval to Boost Voting Rights in Telefónica to 9.97%

stc Group, Saudi Arabia’s leading digital enabler, announced that it has obtained approval from the Council of Ministers in Spain to increase its voting rights in Telefónica’s issued share capital to 9.97%, and the right to nominate a representative to the company’s Board of Directors. This announcement follows the previously disclosed acquisition of a stake in Telefónica.

The approval marks a significant step for stc Group, reinforcing its commitment to high-quality investments as part of its growth and expansion strategy.  By acquiring stakes in key strategic assets, stc Group demonstrates confidence, in Telefónica’s ability to maintain its market-leading position, leveraging its infrastructure assets, advanced technological capabilities, and extensive presence across Europe and Latin America.

The approval underscores the Spanish government’s endorsement of stc Group’s role as a strategic shareholder, acknowledging its potential to contribute to Telefónica’s development and long-term growth.

Obtaining the required approvals from the Spanish Council of Ministers reflects stc’s role as a long-term strategic partner in Telefónica. As one of the company’s largest shareholders, we remain confident in Telefónica’s leadership and strategic outlook, and we look forward to working together to unlock value for all shareholders.

– Olayan Al-Wetaid, CEO, stc Group