Telefónica focuses on the new strategic plan eight weeks after its presentation to investors. The operator polishes the fringes of the ‘roadmap’ in the midst of the emergence of the Saudi Telecom Company (STC). The first council since the arrival of the Asian company, controlled by the sovereign fund of that country, also discussed this Wednesday the shock generated by the new reference shareholder of which there are still many unknowns to clear up, such as the increase above 5% and the potential authorization from the Government or the request for one’s own chair.
The emergence of Saudi Telecom Company (STC) is the elephant in Telefónica’s room. It is the largest incursion of a foreign partner into the operator’s capital in its recent history. This has generated concern among the company’s historical partners. And this Wednesday was the first council since the formalization at the beginning of September. Although it was not on the agenda, it has logically been on the table, according to knowledgeable sources. However, the weight has been above all the strategic plan that will be presented in eight weeks.
Some of these advisors would have put on the table those concerns linked mainly to the Saudi plans for the operator related to its presence in the highest decision-making body or its ability to influence. But there are still many unknowns to clear up. STC has not only not communicated its intention to obtain a position on the board of directors, but it has also not formally notified its intention to reach 9.9%, as La Información advanced.
Therefore, the weight of the board of directors has been more on the new strategic plan that the telecommunications operator is preparing and that will see the light of day on November 8 at the first ‘Investor Day’ of the last decade. According to knowledgeable sources, this aspect had a relevant weight in the meeting held this Wednesday morning.