Saudi Arabia’s sovereign fund raises $3.2bn from sale of STC stake – The National

Saudi Arabia’s sovereign fund raises $3.2bn from sale of STC stake – The National

Saudi Arabia’s Public Investment Fund raised $3.2 billion from the sale of a 6 per cent stake in Saudi Telecom Company, the country's largest mobile operator, through a secondary share offering.

The kingdom’s sovereign wealth fund sold 120 million shares to local, international institutional and retail investors at 100 riyals per share, it said in a joint statement with STC. The number of shares sold was revised from 100.2 million.

The secondary public offering, the first of its kind in the Saudi Capital Market, is the largest equity capital markets transaction in the kingdom since the IPO of Saudi Aramco.