Saudi Telecom buys 60% stake in Saudi firm for $55m

Riyadh-based Sale is a leading retailer of mobile telephone connections in Saudi Arabia
Saudi Telecom buys 60% stake in Saudi firm for $55m
Saudi Telecom Company (STC) has bought a 60% stake in Sale Distribution and Communications
By Reuters
Wed 28 Dec 2011 06:17 PM

Saudi Telecom Company (STC) has bought a 60 percent stake in Sale Distribution and Communications for SR208m ($55m) to strengthen its sales services, the telecom operator said on Wednesday.

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.

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