This is the outcome of the Public Investment Fund from the...

This is the outcome of the Public Investment Fund from the...
This is the outcome of the Public Investment Fund from the...

The Saudi Public Investment Fund will raise 12 billion riyals ($3.2 billion) by selling a 6% stake in the Saudi Telecom Company, after setting the deal price in a secondary offering.

The Saudi Public Investment Fund set the final price for selling 120 million shares, at 100 riyals per share, at the minimum price range from 100 to 116 riyals, after completing the process of building a book of orders by institutions.

The final offering price, which was announced today, Friday, is equivalent to a discount rate of 9.1% compared to the closing price of the share on Thursday, December 9, 2021.

A source familiar with the offering said that the deal, which was marketed globally, is the largest deal in the Middle East capital market this year.

The Saudi stock index, which has risen nearly 26% this year, has seen a large number of deals in recent months, including a $1 billion initial public offering by Saudi Tadawul Group, the stock exchange’s owner, and a $1.2 billion offering from ACWA Power International.

The Public Investment Fund owned 70% of the Saudi Telecom Company before the sale.

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