Saudi Telecom Company’s (STC) [7010.SE] Board of Directors have approved the acquisition of a 10% strategic stake in Careem, a multinational transportation network company, for a consideration of USD100mn (SAR375mn). The deal is conditional on satisfying all required requirements. The investment will be financed with STC’s internal financial resources and is a meagre 0.3% of the company’s market capitalisation. This is in line with the company’s strategy to invest in the digital space. Careem was established in 2012 and has operations in 47 cities. (Company disclosure)   STC: SAR72.50 as of 15 Dec 2016, Rating: Neutral, TP: SAR68.29 per share, MCap: USD38,667 mn, STC AB / 7010.SE