Saudi Telecom sells entire stake in Indonesia affiliate

19/03/2014 Argaam

Saudi Telecom Company (STC) said today it sold its 80 percent stake in PT AXIS Telekom Indonesia (Axis), the company’s sole investment in the Southeast Asian country.

STC owned 80.10% direct stake and 3.725% indirect stake in AXIS and sold both to settle the latter’s debts, said the company.

AXIS was valued at USD 865 million (SAR 3243 million) on a cash-free, debt-free basis. The proceeds of the deal will be used to settle AXIS's debts.

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