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