stc upgraded to Premier Market in Boursa Kuwait

Press release

Published February 12th, 2024 - 09:20 GMT

stc upgraded to Premier Market in Boursa Kuwait

Maziad Alharbi, CEO of stc

Kuwait Telecommunications Company – stc, a world-class digital leader providing innovative services and platforms to customers, enabling the digital transformation in Kuwait, has been upgraded from Boursa Kuwait’s Main Market to the Premier Market as of Feb 11th 2024. The upgrade marks a significant step for the Company and its shareholders after stc’s compliance with the Premier Market’s standards and requirements.

Whereby, in Boursa Kuwait’s 2024 annual review, stc has met the high liquidity requirements and market capitalization to be upgraded to the Premier Market.

In light of the significant milestone, engineer Maziad Alharbi, CEO of stc, commented, "We are pleased to witness the upgrade of stc to the Premier Market, which not only reflects our financial robustness but serves as a clear indicator of our strategic direction and operational strengths. Over the past several years, stc has gone through major transformative shifts and acquisitions that have enabled us to become one of the leading telecom and digital solutions providers in Kuwait and throughout the region. Coming to this moment, our journey so far has been remarkable, but what excites us more is the future that lies ahead."

Alharbi added, "The transition to the Premier Market is a key driver for stc's growth strategy. It enhances our visibility in the investment community, attracting a broader spectrum of institutional investors and elevating our position in the market. This upgrade is a testament to the trust our investors place in us and the solid foundation we have built over the years. Our focus remains persistent on delivering innovative services, ICT solutions, and enabling digital transformation for our customers and the communities we serve."

Alharbi concluded, "Looking forward, we are committed to our mission of enriching the lifestyles of our customers and providing added value to our shareholders. As we step into this new era, our priority will be to continue investing in cutting-edge technologies and expanding our service offerings. We are dedicated to maintaining our leadership position in the telecommunications sector and playing a pivotal role in the growth of Kuwait's economy."

Background Information

Kuwait Telecommunications Company

Kuwait Telecommunications Company (stc) is a Kuwaiti shareholding company incorporated pursuant to Amiri Decree No. 187 on 22 July, 2008, to operate and manage the third GSM mobile network in Kuwait as per Law No. 2 of 2007. Accordingly, stc launched its operations in December 2008 and was listed on Boursa Kuwait in December 2014. It is a world-class digital leader providing innovative services and platforms to customers and enabling the digital transformation in Kuwait, and is a subsidiary of stc Group. stc has rapidly reached a leadership stance in the market through its customer and employee centric strategy.

stc offers an innovative range of world-class products, services and solutions with high quality, that cater to the customers’ needs and demands, both for individuals and enterprises (solutions by stc). In 2019, stc acquired 100% of the share capital of the Internet Service Provider, Qualitynet General Trading and Contracting Company (solutions by stc) in Kuwait.

stc offers high internet speeds due to the implementation of the most advanced 5G network and deployment of the largest network nationwide.