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FINANCIAL NEWS
Saudi Telecom seeks acquisitions in 2012
24 Oct 2011
(MENAFN) Saudi Telecom Co CEO unveiled plans for major acquisitions in the Middle East next year, Arabian Business reported.
The largest mobile operator in Saudi Arabia aims to take advantage of a buyer’s market to expand its regional presence.
The foreign push comes amid stiffening competition at home from rivals Mobily and Zain Saudi.
STC currently owns 80 percent of Indonesia’s Axis, 35 percent of Turkey’s Oger Telecom and a one-quarter stake in Malaysia’s Maxis Bhd, and has mobile licenses in Kuwait and Bahrain.
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