SAUDI ARABIA

PIF completes largest-ever accelerated bookbuild offering in MENA region

November 14, 2024

RIYADH — The Public Investment Fund (PIF) announced Thursday the completion of the sale of part of its stake in Saudi Telecom Company (stc) through an accelerated bookbuild offering.

The offering involved 100 million shares, representing 2% of stc's total issued share capital, with a value of SR3.86 billion ($1.03 billion) and a final offer price of SR38.6 per share.

Both local and international institutional investors participated in the offering under Regulation S of the US Securities Act of 1933. The offering was oversubscribed, marking the largest-ever accelerated bookbuild offering in Saudi Arabia and the wider MENA region. This milestone underscores the attractiveness of the Saudi capital market and reflects investor confidence.

PIF emphasized the strategic importance of its continued ownership in stc, highlighting its ongoing diverse partnerships with the company through several PIF portfolio entities. PIF also expressed its commitment to supporting stc’s leadership in shaping the future of Saudi Arabia's ICT sector, one of its key priority sectors.

Following the offering, PIF retains a 62% stake in stc, equivalent to 3.1 billion shares. This transaction aligns with PIF’s strategy to recycle capital and invest in emerging and promising sectors of the local economy. — SG


November 14, 2024
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