STC shake-up boosts IPO prospects

15 October 2001

Saudi Telecommunications Company (STC)has undertaken a major shake up of its top management and is planning a further restructuring at the second level of management. The changes are expected to accelerate the pace of the company's corporatisation, with the publication of financial statements a possibility by the end of the year (Saudi Arabia, MEED Special Report, 14:9:01).

There are now nine vice-presidents under Khaled al-Molhem, the head of STC. They are: Khaled al-Jasir, vice-president of information technology; Abdullah al-Darrab, vice-president for engineering; Awad Assaf, vice-president for administration; Saud al-Darwaish, vice-president for mobiles, Saad Damyati, vice-president for international telecommunications; Abdullah Bajaba, vice-president for finance; Abdulrazaq Abu Bakr, vice-president for strategy; Ayed al-Shamrani, vice-president for sales and marketing; and Mohammed Mohanna, vice-president for personnel. The company is understood to be planning to reallocate a number of positions among its general managers.

There has also been some progress on other aspects of the corporatisation. Industry sources say that STC's financial statements may be published by the end of the year. However, it will take some months before the company can float shares on the stock market in an initial public offering (IPO) in line with the new telecommunications regulations.

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