Saudi Telecom Company (STC) has offered to buy the shares in Sale Advanced Company (SaleCo) it does not already own for SR400 million ($106.6 million), it said in a statement on Sunday.

STC's bid for the 40 percent stake held by Ethad Sale will be financed by the company's own resources, it said, adding that the financial impact of the deal will be announced at a later stage.

STC already owns 60 percent of Riyadh-based SaleCo, which offers sales services through all distribution channel networks located in Saudi Arabia and the Gulf states, the statement added.  - Reuters