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STC to acquire SaleCo

Acquisition wouldn't affect company's financial results

Saudi Telecom Company (STC) has completed procedures for the purchase of the remaining stake in Sale Advanced Co
Saudi Telecom Company (STC) has completed procedures for the purchase of the remaining stake in Sale Advanced Co

Saudi Telecom Company (STC) has completed procedures for the purchase of the remaining stake in Sale Advanced Co for 400 million riyals ($106.7 million), as reported by Reuters.

STC will finance its bid for the 40% 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% of Riyadh-based SaleCo, which offers sales services through all distribution channel networks located in Saudi Arabia and the Gulf states.