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FINANCIAL NEWS
Saudi STC increases stake in UAE’s Intigral to 71%
15 Dec 2011
(MENAFN) Saudi Telecom Co (STC) said that it raised its stake in UAE’s Intigral, the digital media firm, to 71 percent, following an agreement with Saudi Research & Marketing Group to purchase its stake in the media firm, reported Arab News.
STC added that the cost of the additional 20 percent stake was USD24 million, that would be funded through the Saudi company’s own reserves.
It also said that Intigral provides content on mobile phones, television and the internet for telecoms operators and internet service providers, adding that the company works with more than 400 content providers in the Arab region and 20 content providers worldwide.
It is worth noting that the step was part of Saudi Telecom’s strategy to provide content services that are vital to many of its clients, moreover, STC made major steps in activating unique content-based services including Invision, which has more than 150 high definition channels.
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