STC boosts digital media company holding

Published on 12.01.2012

Saudi Telecom Company (STC) has acquired an additional 20% stake in United Arab Emirates (UAE) digital media firm Intigral for US$24m, increasing its total equity holding to 71%. STC, which is funding the purchase through its own internal resources, said in a statement on the Saudi bourse: “The move is consistent with the strategy to focus on providing content services that are important to many of its customers.” Intigral provides telcos and ISPs with content for mobile phones, TV and the internet.
Meanwhile, STC has alsoacquired a 60% stake in Sale Distribution and Communications for SR208m (US$55m) to strengthen its sales services.
Riyadh-based Sale is a leading retailer of mobile telephone connections in Saudi Arabia, STC said in a statement it posted on the website of the Saudi bourse.
STC said it would also finance the SDC acquisition itself.