19 March 2014
STC announces today that it has completed the sale transaction of its subsidiary in Indonesia PT AXIS Telekom (AXIS) ( STC owns an 80.10% stake directly and a 3.725% stake indirectly)to XL one of the biggest telecommunications companies in the Indonesian telecommunications market. The transaction has been completed after receiving all necessary regulatory approvals from the Indonesian authorities. As previously announced on 26/9/2013, AXIS was sold for an enterprise value of USD865 million equivalent to around SR 3,243 million for 100% of the company on a cash free and debt free basis. The proceeds from this transaction will be used to settle AXIS's debts with its lenders and vendors. Thereby STC has fully exited from the Indonesian market
STC had reclassified its investment in AXIS as a held-for-sale asset as at 30/06/2013. The additional financial impact due to completion of this transaction is not material to STC.
STC announces today that it has completed the sale transaction of its subsidiary in Indonesia PT AXIS Telekom (AXIS) ( STC owns an 80.10% stake directly and a 3.725% stake indirectly)to XL one of the biggest telecommunications companies in the Indonesian telecommunications market. The transaction has been completed after receiving all necessary regulatory approvals from the Indonesian authorities. As previously announced on 26/9/2013, AXIS was sold for an enterprise value of USD865 million equivalent to around SR 3,243 million for 100% of the company on a cash free and debt free basis. The proceeds from this transaction will be used to settle AXIS's debts with its lenders and vendors. Thereby STC has fully exited from the Indonesian market
STC had reclassified its investment in AXIS as a held-for-sale asset as at 30/06/2013. The additional financial impact due to completion of this transaction is not material to STC.
© Tadawul 2014
