Posts, Telegraphs and Telephones Minister Dr. Ali Al-Johani said that the capital of the newly announced Saudi Telecommunications Company (STC) will amount to more than SR 10 billion ($2.67 billion) in its first stage. Speaking to Saudi television, Dr. Al-Johani said that the shares of the joint stock company, which is to take over the telephone and telex facilities from the PTT Ministry, will be floated for public consumption in two years. He said that STC will become the largest employer in the Kingdom after completion of its different phases, providing jobs for more than 70,000 Saudis. At present there are 20,000 employees in the telecommunication sector. He added that a number of subsidiary companies will be established under the STC.