PIF sells 2% stake in stc for SAR 38.6/share

The Public Investment Fund (PIF) announced the completion of an accelerated bookbuild offering to sell the fund’s stake of 2% in stc, according to a statement by Goldman Sachs Saudi Arabia and SNB Capital, joint global coordinators and joint bookrunners.

The final selling price was set at SAR 38.6 per share.

The offering was successfully covered by local and international institutions with investor orders exceeding the overall offering size.

According to data compiled by Argaam, Goldman Sachs Saudi Arabia and SNB Capital announced the launch of an accelerated bookbuild offering to sell PIF’s 2% stake in Saudi telecom major stc.

The offering consists of nearly 100 million stc shares, representing 2% of total shares.

The sale brings PIF’s stake in stc to 3.1 billion shares of the total group shares of five billion, down from 64% to 62% of total capital.

Following the completion of the offer, the rump shares held by the PIF in stc will be subject to a 90-day contractual lock-up undertaking.

stc stock closed with a 0.4% decline, on Nov. 13, at SAR 41.1 per share.