Saudi Arabia’s Public Investment Fund (PIF) has sold 100 million shares in the Saudi Telecom Company (STC) through an accelerated bookbuild offering.
According to the Saudi Press Agency (SPA), the offering represented 2% of the STC’s issued share capital.
Its worth reached SAR3.86 billion ($1.03 billion), with a final offer price of SAR38.6 per share.
In selling this share, the PIF currently owns 3.1 billion shares in the company, or 62% of STC’s issued share capital.
In the light of this, the offering marked the largest ever accelerated bookbuild offering in Saudi Arabia and the wider MENA region. Therefore, it stands as a testament to the obvious attractiveness of the Saudi capital market.
Crucially, the PIF emphasized the strategic significance of its shares in STC and their bilateral strategic partnerships through various PIF’s portfolio companies. The Fund is currently boosting STC’s pioneering role in shaping the future of the ICT sector in Saudi Arabia.
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