Saudi Telecom to buy remaining stake in SaleCo

DUBAI, Jan 17 (Reuters) - Saudi Telecom Co (STC) said on Tuesday it had completed procedures for the purchase of the remaining stake in Sale Advanced Co it does not already own for 400 million riyals ($106.7 million).

STC will finance its bid for the 40 percent stake with the company’s own resources, it said, adding that the acquisition will have no substantial impact on its financial results.

STC already owns 60 percent of Riyadh-based SaleCo, which offers sales services through all distribution channel networks located in Saudi Arabia and the Gulf states, the statement said.

In December 2015 STC said it had offered to buy the remaining shares in the company held by Ethad Sale.

$1 = 3.7505 riyals Reporting by Tom Arnold; editing by Jason Neely