Saudi sovereign fund PIF selling 5.01% stake in STC in secondary offer | Reuters
The Public Investment Fund (PIF), Saudi Arabia's sovereign wealth fund, is selling a 5.01% stake in Saudi Telecom Co (STC) (7010.SE) through a secondary share offering, STC said on Sunday.
PIF plans to sell 100.2 million shares at a price range of 100 riyals to 116 riyals per share, potentially raising as much as 11.623 billion riyals ($3.10 billion) at the top end of the range.
The final price will be determined on Dec. 10.
PIF currently owns 70% of Saudi Telecom, which is Saudi Arabia's largest telecoms operator and also owns subsidiaries and has stakes in companies operating in Kuwait, Bahrain, the United Arab Emirates and Turkey.
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