Saudi Telecom to acquire stake in Sale Advanced Company amounting to SR 400 million

Riyadh, Rabi’I 16, 1437, December 27, 2015, SPA — Saudi Telecom (STC) announced that its Board of Directors has agreed to provide an offer to acquire a stake in Sale Advanced Co. Ltd., which represents 40% of the company’s shares to the owners of Ettihad Sale, with an amount of SR 400 million, indicating that the transaction will be financed by the company’s own resources while the financial impact of the deal will be announced at a later stage as the deal progresses.
The company noted in a statement on the financial market site “Tadawul” today that STC currently owns 60% of the company. SaleCo is a Saudi based company located in Riyadh offering sales services through all distribution channel networks located in the Kingdom of Saudi Arabia and other Gulf Arab States.
–SPA
10:59 LOCAL TIME 07:59 GMT