Saudi Arabia’s sovereign wealth fund, the Public Investment Fund (PIF), is set to sell a 2% stake in telecom giant stc, potentially raising $1.1 billion.
The sale, managed by Goldman Sachs and Saudi National Bank, includes nearly 100 million shares, according to a statement to the Saudi Exchange (Tadawul).
The final pricing will be determined through an accelerated book-building process, with results expected on Thursday. Based on stc’s closing share price of SAR 41.1 ($10.94), the deal could bring in around $1.1 billion for PIF, Reuters has reported.
The sale will take place on November 14Â through off-market negotiated deals before market opening, in accordance with the Negotiated Deals Framework stipulated under the Trading and Membership Procedures issued by Tadawul.
Following the sale, PIF will maintain a 62% stake in stc. The sovereign wealth fund currently owns 3.2 billion of the telecom operator’s five billion share capital, representing a 64% stake, as per Argaam data.
stc will not receive any proceeds from the offering.
