Saudi Public Investment Fund announces the completion of the sale of 100 million shares in the Saudi telecommunications company

The Public Investment Fund of the kingdom of Saudi Arabia announced today the completion of the sale of part of its stake in the Saudi telecommunications company stc through the accelerated order book building process.

100 million shares representing 2% of the issued capital of stc were offered, where the total value of the offering amounted to SAR 3.86 billion "equivalent to 1.03 billion dollars", and the final offering price was set at SAR 38.6 per share.

The offering witnessed a wide turnout of investors from local and international institutions in light of Regulation "S" of the US securities law of 1933, and investor requests exceeded the total size of the offering, which represents the largest accelerated order book building process in Saudi Arabia and the MENA region, reflecting the attractiveness of the Saudi financial market and investors ' confidence in it.

The fund emphasizes the importance of its strategic ownership in stc and its multiple and diverse strategic partnerships with it through a number of the fund's portfolio companies.the fund also looks forward to stc's leading role in the development of the ICT sector in the kingdom of Saudi Arabia, which is one of the most promising strategic sectors on which the fund focuses.

The fund's ownership after the sale amounts to 3.1 billion shares in stc, or equivalent to 62% of the company's issued capital, and the offering comes as part of PIF's strategy to recycle capital and invest in New and promising sectors in the local economy.