STC to sell Indonesian subsidiary Axis Telekom
Saudi Telecom Company (STC) has announced it is to sell its Indonesia subsidiary, mobile operator PT Axis Telekom.
According to local news sources, negotiations are about to commence on the sale of STC’s 80% shareholding of the Axis firm, which it acquired in 2007.
STC yesterday announced an increase of 4% in both revenues and gross profit for the first half of 2013. Its wireless broadband revenue grew 29% year-on-year, while its mobile broadband customer base grew by 40%.
The announcement comes weeks after STC laid out FTTH expansion plans to connect 600,000 locations in Saudi Arabia.
Earlier this month Axis launched a cloud-based mobile application platform to help boost capacity for social, gaming and utility apps for its mobile customers. It has population coverage of 80% and is available in 400 towns in Indonesia.