Saudi Telecom Raise Stake in UAE Media Firm Intigral
Saudi Telecom Co (STC) has bought a further 20 percent stake in United Arab Emirates digital media firm Intigral for 90 million riyals ($24 million), the telecoms operator said on Wednesday.
December 14, 2011 4:31 by Eva Fernandes
The deal will raise STC’s stake in Intigral to 71 percent, with the operator funding the purchase through its own reserves.
“The move is consistent with the strategy to focus on providing content services that are important to many of its customers,” STC said in a statement posted on the Saudi bourse website.
Intigral provides content on mobile phones, television and the Internet for telecoms operators and Internet service providers. ($1 = 3.7505 Saudi riyals) (Reporting by Martina Fuchs and Matt Smith; Editing by Firouz Sedarat)