Saudi Telecom agrees $3bn deal to buy into Maxis

Saudi Telecom has made a move into Malaysia acquiring a 25% stake in Malaysia's biggest mobile operator.

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By  Reuters Published  June 26, 2007

Saudi Telecom Co. said on Tuesday it had agreed an 11.4 billion riyal ($3.04 billion) deal that would give it 25 percent stake in Maxis Communications, Malaysia's biggest mobile operator.

The deal would also see Saudi Telecom, the largest Arab operator by market value, take a majority stake in Maxis' Indonesian operations, Saudi Telecom said in a statement on the Riyadh bourse Web site.

The two operators would invest about $900 million in India to help Maxis expand operations in the world's second most populous country, the statement said.

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