Saudi telco says it has completed procedures for $106.7m deal for remaining 40% interest
Saudi Telecom Co (STC) said on Tuesday it had completed procedures for the purchase of the remaining stake in Sale Advanced Co it does not already own for 400 million riyals ($106.7 million).
STC will finance its bid for the 40 percent stake with the company's own resources, it said, adding that the acquisition will have no substantial impact on its financial results.
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 said.
In December 2015 STC said it had offered to buy the remaining shares in the company held by Ethad Sale.For all the latest tech 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.