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FINANCIAL NEWS
STC to sell shareholding in Axis Indonesia
22 Jul 2013
(MENAFN) Saudi Telecom Company (STC) revealed its decision to sell its share of Axis Telecom Indonesia, Alarabiya.net reported.
STC witnessed a significant decline in its net profit by 41 percent in the second quarter, which was attributed mainly to non-cash charge in valuation of STC’s Axis investment totaled at USD161 million.
It’s worth mentioning that STC has a direct 80.1 percent shareholding of the Indonesia telecom, plus 3.725 percent indirect shareholding.
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