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Saudi Telecom buys 60pc stake in firm

Dubai, December 28, 2011

Saudi Telecom Company (STC) has bought a 60 percent stake in Sale Distribution and Communications for 208 million Saudi riyals ($55 million) to strengthen its sales services.

Riyadh-based Sale is a leading retailer of mobile telephone connections in Saudi Arabia, STC said in a statement it posted on the website of the Saudi bourse.    

The operator, which is partly state owned, said it would finance the sale itself. – Reuters




Tags: Saudi Arabia | UAE | Dubai | Saudi Telecom Company | Stake |

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