Riyadh – Mubasher: The Saudi Telecom Company’s board on Wednesday approved the purchase of the shares of First Ischia Digital Media Limited Company in Gulf Digital Media Company (Integral).
The stocks represent 29% of the Gulf Digital’s capital worth SAR 37.5 million ($10 million). The deal will be financed through the company’s own sources, according to a bourse filing.
“The financial impact of this transaction has no relative importance to the financial results of the company and will not entail the purchase of any obligations on the company,” the statement said.
Under the deal, STC’s share in Integral will rise to 100% from 71%.
The move is consistent with the company's strategy of focusing on providing digital content services, which are important to many customers, according to the report.
