Saudi Arabia-based telecoms operator Saudi Telecom Company (STC) has announced that it would need another two months to complete the purchase of its stake in Vodafone Egypt.
Earlier, STC agreed to buy a 55 percent stake in Vodafone Egypt from the Vodafone group.
STC signed a non-binding agreement earlier this year to buy the majority stake for $2.4 billion but extended the process in April by 90 days due to the Covid-19 crisis.
Now STC is extending the period till September due to the same reason.
STC is planning to phase out 3G in the kingdom to make way for 4G and 5G technology. The project by STC, which is called the ‘3G sunset program’ is expected to end in 2022. It aims for a smooth transition of all remaining 3G customers to its 4G and 5G networks in the next two years.
According to reports in the media, the 3G freed spectrum will be reutilized for the new and more advanced technologies.
Khaled Al Dharrab, infrastructure VP at STC, told the media, “STC took a bold and daring decision to phase out its legacy 3G network in order to focus investment on more modern and advanced technologies such as 4G and 5G technologies. This will ensure that STC customers continue to enjoy the best possible experience with the network, as part of a comprehensive digital transformation journey.”
STC has also launched a number of digital initiatives to help the kingdom curb the spread of the novel coronavirus, the media reported.
The initiatives, launched by STC, are in line with the precautionary measures undertaken by the kingdom to help fight the Covid-19 pandemic.