RIYADH: Saudi Arabia’s Public Investment Fund has submitted a non-binding offer to acquire a 51 percent stake in the telecom towers unit of Saudi Telecom Co., known as stc. stc will maintain the remaining 49 percent of Telecommunications Towers Co., or Tawal’s shares, according to a bourse filing. Tawal is valued at SR21.9 billion ($5.85 billion) on a cash and debt-free basis.
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