Riyadh – Mubasher: Saudi Telecom Company (STC) has improved its offer to banks to settle the debts of Turkish telecom unit Saudi Oger, which failed to pay two instalments of a loan totalling $4.75 billion, Bloomberg reported.
Moreover, STC offered to reduce the loss banks will have to incur on the outstanding loan, the agency noted.
Sources added to the agency that banks are in the process of considering whether to accept the deal or not.
STC owns 35% of Saudi Oger.
