Saudi Gazette report

RIYADH — Public Investment Fund (PIF) announced on Wednesday the offering of a 2% stake in Saudi Telecom Company (stc), amounting to 100 million shares, through an accelerated book-building process. The shares will be available to qualified institutional investors both locally and globally.

In a joint statement on the Saudi Stock Exchange (Tadawul), Goldman Sachs Saudi Arabia and SNB Capital, acting as joint global coordinators and bookrunners for PIF, stated that the final offer price will be determined through the accelerated book-building process, which commenced immediately.

The statement added that the final number of shares, price, and results of the offering will be disclosed by Thursday.

The sale will be executed through privately negotiated transactions outside the market, scheduled for completion on Thursday before the market opens.