Saudi Arabia’s Public Investment Fund surges to USD1.03B through stc stake sale
Date
11/14/2024 8:06:33 AM
(MENAFN) Saudi Arabia’s Public Investment Fund (PIF) has successfully raised SR3.86 billion (approximately USD1.03 billion) through the sale of a 2 percent stake in Saudi Telecom Company (stc). The sale, which involved 100 million shares priced at SR38.6 each, was met with strong demand from both local and international institutional investors. This indicates robust investor interest in Saudi Arabia’s telecom sector and the strategic assets managed by PIF. The offering was hailed as the largest accelerated bookbuild transaction ever conducted in Saudi Arabia, as well as in the broader Middle East and North Africa (MENA) region, highlighting the region's growing appeal to global investors.
The transaction underscores the high level of investor confidence in stc, a leading telecommunications company in the region, and its role in the Kingdom’s strategic economic goals. PIF, the sovereign wealth fund of Saudi Arabia, emphasized the continued importance of its ownership stake in stc and its ongoing partnerships with the company. Through its portfolio of investments, PIF has formed a variety of alliances with stc, further bolstering its position in the telecom sector.
After the sale, PIF retains a 62 percent ownership in stc, which is equivalent to approximately 3.1 billion shares. This means that despite the sale of a 2 percent stake, the fund still maintains a significant controlling interest in the company, allowing it to continue guiding the company’s strategic direction and supporting its leadership in the sector.
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