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Saudi Telecom buys 60 pct stake in Saudi firm Cell

Riyadh-based Cell is a leading retailer of mobile telephone connections in Saudi Arabia, STC said in a statement it posted on the website of the Saudi bourse.

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December 28, 2011 12:39 by



Saudi Telecom Company (STC) has bought a 60 percent stake in Cell Communications and Distribution for 208 million Saudi riyals ($55 million) to strengthen its sales services, the telecom operator said on Wednesday.

Riyadh-based Cell is a leading retailer of mobile telephone connections in Saudi Arabia, STC said in a statement it posted on the website of the Saudi bourse.

The operator, which is partly state owned, said it would finance the sale itself. (Reporting by Angus McDowall; Editing by Will Waterman)



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