Logo of the Public Investment Fund (PIF)
Goldman Sachs Saudi Arabia and SNB Capital, joint global coordinators and joint bookrunners for the Public Investment Fund (PIF), announced the launch of an accelerated bookbuild offering to sell 2% of the fund’s stake in Saudi telecom major stc.
The offer price will be set through an accelerated book-building process, which will commence immediately. The final number of offer shares, the offer price, and the offering results will be announced tomorrow, Nov. 14.
The share sale will take place pre-trading tomorrow, through off-market negotiated deals. This shall be conducted in accordance with the Negotiated Deals Framework stipulated under the Trading and Membership Procedures issued by Tadawul.
Following the offering’s completion, any rump shares held by the PIF in stc, representing a 62% holding, will be subject to a 90-day contractual lock-up undertaking.
The Saudi telecom giant will not receive any proceeds from the offering that will not result in any dilution of the shares of other stc shareholders.
According to data available on Argaam, PIF owns 3.2 billion of stc’s five billion share capital, representing a 64% stake.
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