The Saudi Telecom Company (STC) announced on Sunday that the Public Investment Fund, the Saudi sovereign wealth fund, has offered a 5.01 percent stake for sale from the Saudi Telecom Company.
The Public Investment Fund intends to sell 100.2 million shares with a price range between 100 riyals and 116 riyals per share, which is expected to bring in up to 11.623 billion riyals ($3.10 billion) at the maximum range, and the final price will be decided on the tenth of December.
The Public Investment Fund currently owns 70 percent of the shares of the Saudi Telecom Company, which is the largest telecom operator in the Kingdom. It also owns subsidiaries and has stakes in companies operating in Kuwait, Bahrain, the UAE and Turkey.
Reuters had reported for the first time that the Public Investment Fund intends to sell shares in the Saudi Telecom Company in June, which was later confirmed by the sovereign wealth fund.
The Public Investment Fund is the main driver of the Saudi Vision 2030 of Crown Prince Mohammed bin Salman in order to lead the economy away from dependence on oil.
The fund follows a two-pronged strategy, building an international portfolio of investments while also investing locally in projects such as the mega economic zone known as NEOM.
Source: Reuters
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