Riyadh – Mubasher: Saudi Telecom Company (STC) announced completing the necessary procedures for the purchase and transfer the ownership of the remaining stakes in Sale Advanced Company (Saleco).
Saleco became fully owned by STC for SAR 400 million ($106.67 million), according to a bourse filing on Tuesday.
"The company will be self-financing the acquisition cost and this transaction will have no substantial financial impact on the upcoming STC financial results and there are no financial liabilities on the company," the statement said.
Saleco company is a Saudi company located in Riyadh providing sales services through point of sale networks throughout the Kingdom and the Gulf states.
In December, 2015, STC announced offering to acquire the remaining stake in Saleco, which represents 40% of the company capital.
