Saudi Telecom Company (STC) has issued a press statement clarifying the position concerning the sale of its majority-owned Indonesian mobile subsidiary PT Axis Telekom Indonesia (Axis), saying that there have been ‘no new significant developments’ to those previously announced by the company via the Saudi Stock Exchange (Tadawul) on 21 July 2013. In answer to recent press speculation on the matter, 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 emphasise that there is no new significant development to be pointed out beyond what has already been announced earlier’. Arab News journal confirms STC’s position that currently, the firm has indeed started negotiations for the sale of Axis, and that with the backing of the STC board of directors talks with ‘a potential buyer, senior lenders, and other creditors to reach a satisfactory agreement to all parties’ are ongoing.
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