Saudi Telecom (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.
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