The Public Investment Fund and the Saudi Telecom Company stc announced, The leading communications and information technology services company in the Kingdom And listed on the Saudi Tadawul, announced the successful completion of the secondary public offering, as 120 million shares, representing 6% of the company’s capital, were offered to a number of investors from local and international institutions, in addition to individual investors, through a secondary public offering, which is the first of the Its type in the Saudi stock market.
The total size of the offering amounted to 12 billion riyals, which is the largest transaction in the Saudi financial market since the initial public offering of Saudi Aramco, the largest secondary public offering in Europe, the Middle East and Africa three years ago, and the largest secondary public offering in the Central and Eastern Europe region. The Middle East and Africa for ten years, according to the Saudi Press Agency.
Deputy Governor of the Public Investment Fund and Head of the General Administration for Investments in the Middle East and North Africa, Yazid bin Abdul Rahman Al Humaid, said: The great interest of local and international investors in stc shares is a clear evidence of the company’s advantages, strength and promising prospects in the future, and as the largest shareholder in the company, the Fund looks forward to Supporting its pioneering role in shaping the future of the ICT sector in the Kingdom, which is one of the 13 strategic sectors that the fund focuses on.”
Al-Humaid added, “This deal comes within the strategy of the Public Investment Fund 2021-2025, launched by the Crown Prince and Chairman of the Fund’s Board of Directors, with regard to the rotation of capital through the sale of shares in companies owned by the Fund, as is the case in the secondary public offering of the fund’s shares. In stc and the initial public offerings of Aquapower and Tadawul Holding Group, in order to reinvest the proceeds in the development of new and promising sectors in the local economy.The success of structuring and implementing this secondary offering will contribute to the development of the Saudi financial market, as it is the first fully marketed secondary public offering to international investors In the Kingdom, and even the largest in the region, which shows the progress of the Saudi financial market and its legislation.”
For his part, the CEO of stc Group, Eng. Olayan bin Muhammad Al-Wateid, said: “We are pleased to see this strong interest in stc shares by local and international investors, which is a proud testimony to our achievements as a leading provider of information and communication technology services, and as one of the largest telecom companies in the world. The Middle East and North Africa region, and this also reflects the confidence in our future strategy, and the high percentage of free shares of the company in the market to 29.84% will undoubtedly enhance the company’s attractiveness to international investors, and will help improve the liquidity of our shares trading and make it accessible to a larger group of investors. The occasion is to welcome the new investors and look forward to them being part of the company’s success story.”
In turn, the CEO of Saudi Tadawul Group, Eng. Khaled Al-Hussan, said: “The great demand witnessed by the secondary offering of the Public Investment Fund reflects the depth of the Saudi financial market, and confirms its excellence and the strength of its response to positive regulatory and economic changes. An appropriate environment capable of supporting the implementation of qualitative proposals such as these. Since the Aramco IPO, this is the largest offering ever completed in the Saudi financial market, and it is a step that heralds a promising future driven by the positive momentum of the Saudi economy.”
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