Saudi Telecom Co's (STC) Malaysia-based subsidiary has raised a $378.5 million Islamic loan to refinance debt originally used to acquire a stake in Malaysian mobile operator Maxis, Reuters reported.

 

STC Malaysia Holdings hired Bank of Tokyo-Mitsubishi UFJ (Malaysia), HSBC Amanah Malaysia and Standard Chartered Bank Saadiq to arrange the deal.

 

STC owns an indirect 25 percent stake in Binariang GSM Holdings, which itself holds a controlling stake in Maxis.

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