VOL. XLII

No 40

4-October-1999

SAUDI ARABIA

Saudi Telecommunications Company Shelves TEP-8

Defying initial expectations of a $4bn telephone expansionprogram (TEP) initially referred to as TEP-8, bankers in the Kingdom confirmthat the Saudi Telecommunications Company (STC) has effectively shelved theconcept of a single finance facility or supply contract in favor of a moreincremental, multi-supplier approach to implement its expansion plans. However,the same sources revealed that STC has recently...