The Saudi Telecommunications Co. (STC) will slash tariffs on telephone calls to Arab, Gulf and Asian countries by up to 31 percent from next month, reported AFP, citing a newspaper.
An STC source told Arab News that calls to Indonesia and Sri Lanka will be slashed 31 percent to 5.5 riyals (1.47 dollars) a minute from March 26, according to the agency.
Calls to the Philippines, Taiwan and Thailand will all be cut by between 20-30 percent, bringing rates down to as little as 8 riyals (2.13 dollars) a minute for a call to the Far East.
STC, which has a monopoly on telecommunications in the kingdom, will cut rates to India and Pakistan by 15 percent to 5.5 riyals, while charges for Arab countries will be reduced by 13 percent to 4.5 riyals (1.20 dollars) and for neighboring Gulf states to 2.6 riyals (69 cents), said the report.
STC is expected to go public in stages in a bid to help raise the massive investment needed to meet demand within Saudi Arabia, notably for Internet services, and to improve existing technology.
Reports said that STC would offer between 20 and 40 percent ownership to foreign investors -- Albawaba.com