STC’s indirect subsidiary’s loan issue may be resolved in 2H18, according to Garanti Bank
The process on the defaulted USD4.75bn loan to Otas, Saudi Telecom Company’s (STC) [7010.SE] indirect subsidiary (through ownership of 35% of its parent company Turk Telekomunikasyon), should be resolved in 2H18, Bloomberg quoted Garanti Bank’s (one of the loan’s lead arrangers and bookrunners) CEO, Ali Fuat Erbil, as saying. There may be multiple potential buyers in Turk Telekom, and the Transportation Ministry is coordinating the issue.
Saudi Telecom Company: SAR74.84 as of 15 Feb. 2018, Rating: Neutral, TP: SAR71.00/share, MCap: USD39,915mn, STC AB/7010.SE
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