The Public Investment Fund (PIF) of Saudi Arabia has completed the sale of a portion of its stake in Saudi Telecom Company (stc) through an accelerated bookbuild offering. The offering involved 100 million shares, representing 2% of stc’s total share capital, and raised SAR 3.86 billion ($1.03 billion), with a final offer price of SAR 38.6 per share.
The offering saw participation from both local and international institutional investors and was oversubscribed. It marks the largest accelerated bookbuild offering ever in Saudi Arabia and the wider MENA region, reflecting the strong appeal of the Saudi capital market and the high level of investor confidence, according to the statement.
PIF emphasized the strategic significance of its continued ownership in stc and its various partnerships with the company through several of its portfolio entities. The fund also highlighted its commitment to supporting stc’s pivotal role in advancing the ICT sector in Saudi Arabia, one of PIF’s priority areas.
Following this transaction, PIF retains 3.1 billion shares in stc, equating to 62% of the company’s issued share capital. The sale aligns with PIF’s strategy to recycle capital and reinvest in emerging sectors within the local economy.
