Saudi Telecom (STC) has confirmed plans to increase its stake in Indonesian cellco Natrindo Telepon Selular (Axis) from 51% to 80%. The Saudi telco also agreed to provide an initial loan of USD81 million, followed by a further loan of USD290 million to be paid according to Axis’s operational needs. Under the terms of the deal, loans worth USD412 million made to Axis by Maxis Communications will be cancelled, and Maxis’s stake in the company will fall from 44% to 14.9%. The transaction depends on regulatory approval.
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