REFILE-MIDEAST STOCKS-Saudi Telecom surges to 8-month high on unit sale deal | Reuters:
"* Saudi Telecom ends up 3.3 pct but well off high
* Saudi market back below 8,000 points
* Kuwait falls 1.5 pct but blue chips bought
* Qatar still soft on upcoming IPO
* Egypt rises above August peak
By Nadia Saleem
DUBAI, Sept 26 (Reuters) - Saudi Telecom Co (STC) was the standout in mixed Middle Eastern share markets on Thursday, as the stock surged to an eight-month high after the company agreed to sell its Indonesian unit to Malaysia's Axiata Group.
STC rose as much as 6.2 percent to its highest level since January, before giving back some of those gains to end up 3.3 percent on the day.
The deal is for an undisclosed amount but Axiata said the unit, PT Axis Telekom Indonesia, had an enterprise value of $865 million. The deal may also help STC end a tussle with global banks over a $1.2 billion loan tied to the Indonesian firm."
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