The Saudi Telecom Company (STC) announced an increase in the secondary offering of its shares in the Saudi market, and said in a statement that the Saudi Public Investment Fund and the managers of the institutional subscription registry decided, in consultation with the company, to increase the size of the offering from 100.2 million shares to 120 million shares of the company’s shares. An increase of an additional 19.8 million shares, representing 20% of the offering size announced on December 5, 2021.
Thus, the size of the final offering is 6% of the company’s capital.
The company said, in a statement issued yesterday evening, Tuesday, that this decision came in response to the increasing demand witnessed by the offering by local and international investors during the institutional subscription period.
She explained that the offering shares that will be allocated to the category of individual subscribers after adjusting the size of the offering is 12 million shares, representing 10% of the total offering shares, in the event that there is sufficient demand from individual subscribers.
The subscription of individuals in the secondary offering of the company’s shares ends today, Wednesday, at 11:59 pm, Riyadh time.
The prospectus revealed that the minimum subscription for the company’s shares for individuals is 10 shares, with a price range for the offering shares between 100 riyals and 116 riyals per share.
The subscription price for individuals is 116 riyals per share, which is not the final offer price. The final offer price will be announced next Friday, based on the results of the process of building a book of orders from the subscribed institutions. All subscribers will be allocated based on the final offer price and not the subscription price.
The surplus, which is the difference between the subscription price and the final offering price, in addition to any shares that have not been allocated, if any, will be refunded, and the entire subscription amount will be refunded without any allocation to individuals if the final price of the offering is higher than the closing price of the stock for next Thursday.
The subscription period for the participating institutions or categories started last Sunday and ends next Thursday, according to the secondary offering prospectus.
It is noteworthy that Goldman Sachs Saudi Arabia, HSBC Saudi Arabia, Morgan Stanley Saudi Arabia, Al Ahli Financial Company, Citigroup Saudi Arabia and Credit Suisse Saudi Arabia are the corporate bookrunners for the company and the selling shareholder (the “Institutional Bookrunners”) for the public offering. Secondary shares of the Company (the “Offering”).
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