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Friday, 30 December 2016

Saudi Telecom Said to Work With JPMorgan on Options for Oger - Bloomberg

Saudi Telecom Said to Work With JPMorgan on Options for Oger - Bloomberg:

"Saudi Telecom Co. is working with JPMorgan Chase & Co. to evaluate options including increasing its stake in Turkish telecommunications investor Oger Telecom, according to people familiar with the matter.

The Riyadh-based firm could buy a stake in Oger Telecom from Saudi Oger, which holds 65 percent, to boost its current holding of 35 percent, said the people, who asked not to be identified as the information is private. Oger Telecom, which owns a majority in carrier Turk Telekomunikasyon AS, has been in negotiations with its lenders since one of its units failed to pay a loan installment of around $290 million due in September, the people said.

A potential sale of a stake in the company could help raise funds to make the payment, the people said. STC, as the Saudi firm is known, has not yet agreed to a deal and talks may fall apart, the people said. Representatives for STC, JPMorgan and Oger Telecom declined to comment."



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