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STC to sell 95% stake in Axis

Saudi Telecom Co (STC) has signed an agreement with Malaysia's largest mobile phone operator Axiata Group to sell a majority stake in PT Axis Telekom Indonesia (Axis) for an undisclosed sum, Reuters has reported. Saudi Telecom subsidiary Teleglobal will sell a 95% equity stake in Axis, which has an enterprise value of $865m, to XL Axiata Tbk, Axiata said.