Saudi Telecom Co. — M&A Activity 2015

Dec 27, 2015

Saudi Telecom announces offer to acquire the remaining stake in Sale Advanced Co. Ltd (SaleCo)

7010 · 27/12/2015 08:16:54 · Announcement #40479 · View on Saudi Exchange

Saudi Telecom announces offer to acquire the remaining stake in Sale Advanced Co. Ltd (SaleCo)

STC announces that its' Board of Directors have agreed to provide an offer to acquire a stake in Sale Advanced Co. Ltd., which represent 40% of the company's shares to the owners of Ethad Sale, with an amount of SAR 400M. The transaction will be financed by the company's own resources while the financial impact of the deal will be announced at a later stage as the deal progresses.

STC currently owns 60% of the company. SaleCo is a Saudi based company located in Riyadh offering sales services through all distribution channel networks located in Saudi Arabia and the Gulf states.

The Capital Market Authority and Saudi Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.