(MENAFN- Gulf Times) Saudi Telecom Co, the biggest phone operator in the oil-rich kingdom, plans to acquire companies to help expand data services in Saudi Arabia, according to its chairman Abdulaziz Alsugair.
The Riyadh-based company plans to partner with or acquire at least five information and communication technology firms in the kingdom or abroad, he said in an interview at the World Economic Forum in Davos on Wednesday. STC has no plans to acquire other telecommunications companies, he said.
"As for acquisitions, we will be proactive as it relates to the strategy to grow our ICT business both for commercial companies and government," Alsugair said, declining to give details about possible targets. "We expect that by the end of this year we will be probably acquiring some companies in Saudi Arabia and maybe smaller companies outside."
Saudi Telecom earlier this week appointed Khalid bin Hussain Biyari as chief executive officer, a position that was left vacant since 2013. During this period, the company "was transformed from a slow moving organisation, with lots of silos focusing on their departments, into an organisation focused on customers," said Alsugair, who oversaw the change as chairman.
The phone operator reported an 11% increase in 2014 profit to 11bn riyals ($2.93bn). The mean estimate of 11 analysts was for a profit of 11.7bn riyals, according to data compiled by Bloomberg.
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