Saudi Telecom (STC) is actively searching for acquisition opportunities to grow in the Middle East, reported Reuters citing Ghassan Hasbani, CEO of international operations.
Hasbani was quoted saying that he sees 2012 as a year of potential…
Saudi Telecom (STC) is actively searching for acquisition opportunities to grow in the Middle East, reported Reuters citing Ghassan Hasbani, CEO of international operations.
Hasbani was quoted saying that he sees 2012 as a year of potential acquisitions, because market conditions have made it a buyer’s market.
He reportedly added that, while STC is currently not conducting due diligence on any potential target, it is analysing opportunities.
STC did not reply to questions before the press deadline.
But Hasbani was also cited by Reuters saying that the group had access to cheap funding and capital, with debt financing available to it at good rates.
Earlier this year, the group announced that it had increased its stake in Indonesian cellco Natrindo Telepon Seluler from 51% to 80.1%. STC is also present in Turkey, Malaysia, Kuwait and Bahrain.
However, it faces stiff competition in its Saudi Arabian domestic market, where it competes with local mobile operators Mobily and Zain Saudi.
The group reportedly posted Q3 2011 net profit at SAR 1.56bn (US$416m), compared with SAR 3.3bn (US$880m) a year ago, on revenues up 6% year-on-year to SAR 14.2bn (US$3.8bn).
