STC to sell Indonesia unit
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STC to sell Indonesia unit

STC to sell Indonesia unit

Saudi Telecom Co (STC) has begun steps to sell its Indonesian business, Reuters has reported, citing banking sources. The state-owned firm invested heavily in its Indonesian unit, Axis Telekom, but competitive pressure has dragged on earnings. The company took a non-cash charge of SR1.1bn ($293.3m) in the second quarter to write down the value of its investments in Axis and Indian mobile phone operator Aircel. STC has moved its 84% majority stake in Axis to a "held for sale" category, it said.

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