With reference to press reports that Saudi Telecom Company (STC) is negotiating for selling its subsidiary PT Axis Telekom Indonesia, the company clarifies that there is no new significant development to what has already been announced in a Tadawul statement in July.
A statement from STC said: “In reference to the news reports that have recently been circulating in some local and foreign press, which mention that STC is seeking to restructure the loans of Axis Indonesia, where STC is the majority shareholder, STC would like to emphasize that there is no new significant development to be pointed out beyond what has already been announced earlier by STC on July 21, 2013 on the Saudi Stock Exchange (Tadawul).”
In that announcement, STC added: “It was stated that the negotiations for the sale of Axis were proceeding as authorized by the STC board of directors with a potential buyer, senior lenders, and other creditors to reach a satisfactory agreement to all parties.
It was due to this reason, that the company reclassified its investment in the Axis as ‘assets held for sale’ effective June 30, 2013.”
STC clarifies status of subsidiary in Indonesia
