Saudi Sovereign Wealth Fund to Sell 5.01% Stake in Saudi Telecom via Secondary Share Offering
Posted on 12/05/2021
The Public Investment Fund (PIF), Saudi Arabia’s sovereign wealth fund, is selling a 5.01% stake in Saudi Telecom Company (STC) through a secondary share offering. PIF currently owns 70% of Saudi Telecom, the largest telecommunications operator in the kingdom. PIF plans to sell 100.2 million shares of STC at a price range of 100 riyals to 116 riyals per share. At the high range, PIF could raise as much as 11.623 million riyals.
UPDATE: December 9, 2021: PIF raised US$ 3.2 billion from the sale of the STC stake.