Saudi Telecom to acquire 25pc stake in Maxis
Afp, Kuala Lumpur
State-owned Saudi Telecom will acquire a strategic 25 percent stake in Malaysia's Maxis Commu-nications in a deal worth 3.05 billion dollars, the official Bernama news agency said Tuesday. Saudi Telecom president Saud Al Daweesh said the investment "will enable us to achieve our stated objective of 10 percent of our revenue to be generated from external sources by 2010." On completion of the agreement, Saudi Telecom will have a 25 percent effective interest in Maxis and a 51 percent direct stake in PT Natrindo Telepon Seluler (NTS), Maxis' subsidiary in Indonesia, Bernama said. Saudi Telecom said its stake in Maxis would allow the Malaysian operator to negotiate more favourable terms with vendors and service providers and help create value for Binariang, which owns Maxis, and its shareholders.
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