profit_hunter
26-09-2006, Tue 11:59 AM
STC plans to establish new limited Joint stock company - KSA MENAFN - 26/09/2006 (MENAFN) Saudi Telecom Co. (STC) announced plans to establish a limited joint stock company in association with the Technological Investment Co. and National Data Systems Co, Arab News reported.STC will have a 50 percent stake in the new Riyadh-based company, which will be involved in establishing and operating electronic markets and centers, holding auctions and conducting all types of commercial transactions.The president of STC said that STC's board of directors has agreed that the company take 50 percent stake in the new firm, and added that as a result STC will be the main partner in the company.STC's investment in the new trading company comes at a time when there is increased demand for electronic services in the local market and the Kingdom has decided to activate e-government by allocating $800 million for infrastructure facilities required for the program.The e-government program aims at providing more than 1,000 services by 40 government departments.