Saudi Telecom Company to offer a USD160mn (SAR600mn) loan to Otas, Turk Telekom’s parent, to solve the its debt issues
Saudi Telecom Company (STC) [7010.SE] will offer a USD160mn (SAR600mn) loan to Otas, a special purpose vehicle (SPV), which owns 55% of Turk Telekom, according to unnamed sources. Otas is owned by Oger Telecom, which is 35%-owned by STC. Otas missed a USD290mn (SAR1.1bn) loan instalment payment back in September 2016. STC is studying a potential stake increase in Oger Telecom from its current 35%. (Bloomberg) Saudi Telecom Company: SAR66.74 as of 18 January 2017, Rating: Neutral, TP: SAR68.29 per share, MCap: USD35,595mn, STC AB / 7010.SE
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