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Sun 27 Dec 2015 11:24 AM

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Saudi Telecom offers to buy remaining stake in SaleCo for $106m

It is the telco's second take over offer presented to other Gulf telcos

Saudi Telecom offers to buy remaining stake in SaleCo for $106m

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.

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