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Technology Stocks : SBC Communications

SBC 4.300

-2.0%

Dec 31 3:59 PM EST

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To: Rohit Sood who started this subject	8/31/2000 8:55:29 AM
From: salemas	of 216

This could be huge for SBC, Any comments? biz.yahoo.com RIYADH, Aug 31 (Reuters) - Saudi Telecommunications Company (STC) has picked SBC Communications Inc. (NYSE:SBC - news) as a strategic partner, offering the U.S. firm a 20-40 percent stake in its $12 billion capital, Saudi newspapers reported on Thursday. They quoted Western sources in the Saudi capital Riyadh as saying that SBC ``had won the (STC's) strategic partnership contract''. Informed sources told Asharq al-Awsat that the deal had been finalised and was to be signed in the near future, but gave no specific date. A STC official declined to confirm or deny the report, which was published by the Sadui-owned and London-based Asharq al-Awsat Arabic-language daily and its English-language sister Arab News. But the official confirmed that STC had been in talks with several international firms on potential strategic partnership. Asharq al-Awsat said that Saudi Arabia was seeking a strategic partner to provide technical backing for its telecommunications firm, which was set up in 1998 as a step towards privatisation.

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