Saudi Arabia's PIF to sell 2% stake in STC in potential US$1.1 billion deal
PIF will keep a stake of 62% in STC after the offering, which will not generate any proceeds for the company
SAUDI Arabia’s sovereign wealth fund PIF is selling an around 2 per cent stake in the country’s telecom group STC, the banks running the deal said on Wednesday (Nov 13), in a deal that could raise as much as US$1.1 billion.
Goldman Sachs and Saudi National Bank said in a statement that the price for the offering, which comprises around 100 million shares, will be determined through an accelerated book building and that the final results will be announced on Thursday.
The share sale could raise as much as US$1.1 billion for PIF, based on STC’s share price of 41.1 riyals (S$14.66) at closing on Wednesday.
PIF will keep a stake of 62 per cent in STC after the offering, which will not generate any proceeds for the company, the banks added. REUTERS
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