Saudi Telecom buys remaining 40% stake in SaleCo for SAR 400 mln

Saudi Telecom Co. (STC) has completed the acquisition of the remaining 40 percent stake in Sale Advanced Co. (SaleCo) for SAR 400 million, raising its ownership to 100 percent.

The deal to acquire the 40 percent stake held by Ethad Sale was financed by the company’s internal resources, STC said in a statement to Tadawul, adding that the acquisition will neither have a significant impact on its results nor give rise to any liabilities.

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.