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Saudi Telecom said to improve offer to resolve Turkey loan

STC offered to reduce the loss banks will have to take on the outstanding loan in a transaction that would still see the Saudi firm take a stake in Otas

Gulf News

Istanbul: Saudi Telecom Co improved its offer to banks on a $4.75 billion (Dh17.4 billion) loan for a Turkish unit that failed to pay two instalments on the debt, five people with knowledge of the matter said. STC offered to reduce the loss banks will have to take on the outstanding loan in a transaction that would still see the Saudi firm take a stake in Otas, as the unit is known, the people said, asking not to be identified as the talks are private. Banks are now considering whether to accept the deal, they said, without elaborating on the details of the plan.

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