• PIF sold 100 million of its shares in stc, representing 2% of the company’s issued share capital through accelerated bookbuild offering to local and international institutional investors: Post-sale, PIF will own 62% of the company’s issued share capital
  • The offering size was SAR 3.86 billion ($1.03 billion), making it the largest ever accelerated bookbuild offering in Saudi Arabia and the wider MENA region
  • Offering contributes to increasing stc’s free float, and further broadens its international institutional investor base

RIYADH – PIF today announced the completion of the sale of part of its stake in the Saudi Telecom Company (stc) through an accelerated bookbuild offering.

The offering comprised 100 million shares, representing 2% of stc’s issued share capital. The total value of the offering was SAR 3.86 billion ($1.03 billion), with a final offer price of SAR 38.6 per share.

Both local and international institutional investors participated in the offering, pursuant to Regulation S of the U.S. Securities Act of 1933. The offering was oversubscribed and represents the largest ever accelerated bookbuild offering in Saudi Arabia and the wider MENA region, demonstrating the attractiveness of the Saudi capital market and serving as a testament to investors’ confidence.

PIF reiterates the strategic importance of its ownership in stc and its diverse partnerships with the company through a number of PIF portfolio companies. PIF looks forward to supporting stc’s leading role in shaping the future of the ICT sector in Saudi Arabia, one of its priority sectors.

PIF’s remaining stake equates to 3.1 billion shares in the company, or 62% of stc’s issued share capital. This transaction is in line with PIF’s strategy to recycle its capital and invest in emerging and promising sectors in the local economy.

About PIF

PIF is the investment engine driving economic transformation for Saudi Arabia and the world. With an ambitious program to deliver Vision 2030, PIF invests in projects, companies and partners to diversify the Saudi economy, stimulate growth in every major sector, and create new opportunities for investment and employment.

And as a global investor and catalyst of change, PIF actively partners with the most pioneering organizations across the world to accelerate their growth, and transfer the technology and knowledge needed to build industry ecosystems of the future.

Since 2017, PIF has established 99 companies. Through strategic investments and partnerships across the Saudi public and private sector, PIF is driving the transition to a more sustainable economy, and laying the foundations for local and international partners to invest in the economic and societal transformation of Saudi Arabia.

For more information, visit the website at www.pif.gov.sa
Rupert Trefgarne: rtrefgarne@pif.gov.sa