STC to acquire SR400m stake in Sale Advanced

RIYADH — Saudi Telecom (STC) announced that its Board of Directors has agreed to provide an offer to acquire a stake in Sale Advanced Co. Ltd., representing 40% of the company's shares to the owners of Etihad Sale, amounting to SR400 million. The transaction will be financed by the company's own resources while the financial impact of the deal will be announced at a later stage as the deal progresses. The company noted in a statement on Tadawul website Sunday that STC currently owns 60% of the company. SaleCo is a Saudi-based company located in Riyadh, offering sales services through all distribution channel networks located in the Kingdom of Saudi Arabia and other Gulf Arab states. — SPA