PIF eyeing STC shares sale

PIF eyeing STC shares sale

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Saudi Arabia’s Public Investment Fund (PIF) has announced that it is selling a 5.01% stake in Saudi Telecom (STC) through a secondary share offering.

PIF owns 70% of Saudi’s largest telco Saudi Telecom and it also has stakes in subsidiaries operating in Bahrain, Kuwait, the UAE and Turkey.

The investment fund says it plans to sell 100.2 million shares at a price range of 100 riyals to 116 riyals per share, raising as much as $3.10 billion in total.

The subscription period for investors run from December 5 to December 9. The final price will be determined on December 10 while the offer will close on December 14.

In an earlier statement PIF said: “The potential transaction is in line with the PIF’s strategy to recycle its capital to new investments."

And as part of the deal, PIF will retain its remaining equity in STC for at least a year.

PIF has appointed Goldman Sachs Saudi Arabia, HSBC Saudi Arabia, Morgan Stanley Saudi Arabia and Saudi National Bank Capital to evaluate the potential sale options.

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