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FINANCIAL NEWS
Saudi STC to buy Bravo assets, receive USD65.37 m
04 Nov 2013
(MENAFN) Saudi Telecom Company (STC) plans to purchase Public Telecommunication Company Limited (Bravo) from its shareholders, and will gain USD65.37 million in old dues, according to Saudi Gazette.
Bravo works the Push to Talk mobile service in Saudi Arabia since 2005 after it signed the Build Operate Transfer (BOT) agreement with STC for 15 years.
Bravo aims to transfer all its assets to STC, and the two shareholders who are involved in the sale matter will pay USD65.05 million to settle STC claims.
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