stc Group is one of the largest telecom operators in Saudi Arabia. The group increased its capital from $5.3 billion to $13.3 billion in July 2022 through the issuance of bonus shares. In October 2022, stc received a non-binding offer from Saudi’s Public Investment Fund, which owns a 64% stake in the group, to buy 51% of stc’s subsidiary, Telecom Towers Company (TAWAL), at a valuation of $5.9 billion. As of May 2023, the stc Group had invested more than $933.3 million in social, educational, and health initiatives.