Business
TAWAL of stc Group announces full acquisition of Awal Telecom in Pakistan
RIYADH: TAWAL of Saudi Arabia, one of the subsidiaries of stc, entered the Pakistani market through the wholly-owned acquisition of AWAL Telecom, marking the company’s first overseas expansion.
This transaction marks the starting point for AWAL to rebrand to TAWAL Pakistan and operate TAWAL Pakistan following regulatory approvals from Pakistani authorities.
“Pakistan is an exciting market with high growth potential, and TAWAL is looking forward to extending our digital transformation and ICT infrastructure development capabilities to the country,” Mohammed Alhakbani, CEO at TAWAL, said.
“The country is witnessing growing mobile service penetration, which is creating infrastructural demand that TAWAL is ideally placed to address,” he added.
TAWAL announces the acquisition of the Pakistani telecom company “AWAL Telecom” as part of its international expansion drive. This deal will see TAWAL bring capital investment, processes, and expertise to the market.
— TAWAL (@Tawal_KSA) February 9, 2022
To know more: https://t.co/QbSkow4vvQ pic.twitter.com/xjHJhmRPc3
Launched in 2019, TAWAL is a subsidiary of Saudi telecom giant stc that owns a portfolio of over 15,500 telecom towers in the Kingdom.