STC said to be working with JP Morgan on options for Oger Telecom
Saudi Telecom Co. (STC), the kingdom’s largest mobile operator, is working with JP Morgan Chase & Co. to evaluate options for raising its 35 percent stake in Dubai-based Oger Telecom among other alternatives, Bloomberg has reported, citing unnamed sources with knowledge of the matter.
STC could acquire Saudi Oger’s 65 percent stake in Oger Telecom, the main shareholder in Turkish fixed-line operator Turk Telekom.
No final agreement has been yet reached, the sources added.
The potential sale may help the debt position of Oger Telecom, which was said to in talks with its creditors after one of its units failed to pay a loan installment of nearly $290 million in September, Argaam earlier reported.
The Lebanese-controlled Oger Telecom owns other interests in and South Africa’s Cell C, plus several internet operations branded Cyberia in Lebanon, Jordan and Saudi Arabia.
Representatives for STC, JPMorgan and Oger Telecom declined to comment, Bloomberg said.