It is the telco's second take over offer presented to other Gulf telcos
Saudi Telecom Co (STC) has offered to buy the shares in Sale Advanced Co it does not already own for 400 million riyals ($106.6 million), it said in a statement on Sunday.
STC's bid for the 40 percent stake held by Ethad Sale will be financed by the company's own resources, it said, adding that the financial impact of the deal will be announced at a later stage.
STC already owns 60 percent of Riyadh-based SaleCo, which offers sales services through all distribution channel networks located in Saudi Arabia and the Gulf states, the statement added.
The offer follows another put to shareholders in its Kuwaiti affiliate Viva two weeks ago.
STC offered 1 dinar ($3.30) per share to buy out other Viva shareholders, amounting to a 9 percent discount to Viva's closing price at the time.For all the latest Saudi Arabia news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.