Riyadh – Mubasher: The Public Investment Fund (PIF) has completed the secondary public offering of ordinary shares of Saudi Telecom Company (stc) with a final offer price at SAR 100 per share.
The PIF sold 120 million shares in stc, accounting for 6% of the company’s issued shares, according to a bourse filing on Wednesday.
Following the offering, PIF has owned a 64% stake in stc.
It is noteworthy to mention that in early December, the PIF and joint bookrunners increased the size of the secondary public offering for stc’s shares to 120 million shares from 100.2 million.
