stc shareholders approve 3-year dividend policy, bookrunners agreement for secondary offering

Logo of stc

Shareholders of stc approved the company’s dividend policy for the next three years, starting from Q4 2021, during the ordinary general meeting (OGM) held on Nov. 30.

The telecom operator said in a bourse filing the shareholders ratified the company’s entry into and execution of the bookrunners agreement.  

Shareholders also authorized the board of directors or any person delegated by the board to approve the terms and conditions of this agreement and any other related agreements, applications, documents, and instruments relating to the secondary offering.  

Additionally, they endorsed all previous actions carried out by the board of directors in relation to the secondary offering, including the preparatory steps carried out with the Public Investment Fund (PIF) and appointment of the relevant advisors.  

According to data compiled by Argaam, PIF announced in September that it is considering partial sale of its stake in stc to institutional and retail investors in Saudi Arabia, as well as international institutional investors, while maintaining its majority stake of more than 50% of the company's total shares.