The Public Investment Fund (PIF) has completed the sale of 100 million shares in Saudi Telecom Company (stc) through an accelerated bookbuild offering, representing 2 per cent of the company’s issued share capital.
The transaction, valued at SAR3.86 billion ($1.03 billion), was priced at SAR38.6 per share, making it the largest accelerated bookbuild offering in Saudi Arabia and the MENA region’s history.
The offering attracted both local and international institutional investors under Regulation S of the US Securities Act of 1933 and was oversubscribed.
PIF’s ownership in stc
PIF maintains ownership of 3.1 billion shares, equivalent to 62 per cent of the telecom company’s issued share capital, following the transaction.
“PIF reiterates the strategic importance of its ownership in stc and its diverse partnerships with the company through a number of PIF portfolio companies. PIF looks forward to supporting stc’s leading role in shaping the future of the ICT sector in Saudi Arabia, one of its priority sectors,” the sovereign wealth fund said in a statement on Thursday.
The sale aligns with PIF’s strategy to recycle capital and invest in emerging sectors within the local economy.
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