Implementing Regulations of the Telecommunications and Information Technology Law

A service provider shall, prior to conducting any merger with another service provider – or more – inside or outside the Kingdom, apply to CST for Board approval, and shall submit the following with his application: 1. Information of the other service provider(s), including certified copies of legal documents; 2. Information of natural or legal persons to whom 5%five percent of the ownership of the other service provider(s) devolves directly or indirectly, whether alone or jointly with third parties; Implementing Regulations of the Telecommunications & Information Technology Law Chapter VI : Competition Provisions 3. A comprehensive report on the merger, including purpose, terms and conditions, and all other details of the transaction; 4. Financial statements of the parties to the merger for the last three years preceding submission of the merger application, accompanied by a report summarizing the financial information and annual returns from the telecommunications or information technology markets, and the value of the assets allocated therefor. The Board may request any information, data or documents that it deems necessary to take its decision in this regard.