Regulator ratifies amendment to combat market fraud, deceit, or manipulation

Regulator ratifies amendment to combat market fraud, deceit, or manipulation
Regulator ratifies amendment to combat market fraud, deceit, or manipulation

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Jeddah - Yasmine El Tohamy - Saudi Telecom Company (stc) is considering an initial public offer (IPO) for its 100 percent-owned subsidiary, Arabian Internet and Communications Services Company (solutions by stc), on the Saudi Stock Exchange (Tadawul), the telco said in a bourse filing Jan. 26, 2021.

The Kingdom-based solutions by stc provides core ICT services, IT managed services and digital services.

The telecom major is currently conducting a detailed feasibility study to cover all organizational, financial and technical aspects to determine the IPO’s possibility.

It is also evaluating the extent to which this offering would support the company’s strategy and the potential value addition to the company and shareholders.

Further, the IPO decision of solutions by stc is subject to completing the necessary regulatory procedures and obtaining approvals from the relevant authorities, the statement added.

The company will announce any material developments in due course.

Last October, Reuters reported that stc hired HSBC, Morgan Stanley and the investment banking arm of National Commercial Bank (NCB) to arrange a potential initial sale of shares in solutions by stc.

The subsidiary’s valuation is estimated at around SR9 billion ($2.4 billion), and the IPO size could be around SR1.87 billion ($500 million) if the company sells 20 percent, the report said.

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