The Arab Company for STC’s Internet and Communications Services Solutions said the institutional subscription period ended with a coverage rate that exceeded the 130-fold target, as the total institutional subscription value reached 471 billion riyals.
The managing director of stc Group, Ing. Olayan bin Mohammed Al-Watied, said: “The launch process of the company is in in line with the indications of stc Group’s growth strategy and within the pursuit of many ambitious digital projects, and we have been in able to develop innovative digital products and enter in new markets and supports this step.Our efforts in the areas of sustainability and governance also enhance our local, regional and global presence and qualify us for leadership and leadership, to be the premier provider of information and communications technology services beyond within the Kingdom, but also at the level of the Middle East and North Africa ”.
Al-Wateed indicated that this subscription is a qualitative and important leap in supporting companies operating in the communications and IT fields, as these companies are among the main pillars of the Kingdom’s Vision 2030. This vision and the opportunity for investment firms, companies and individuals to join us in this journey, as we depend on an ambitious strategic plan to support sustainable growth, and at the same time it is part of the support of stc Group to enable digital transformation mainly in all sectors through an integrated system of services provided by the group and its various companies, which have strengthened the success of Solutions by stc in the stc system and its transformation from an acquisition of 100 million riyals to a company whose current value is estimated in over 18 billion riyals.
The Arab Company for Internet and Communications Services “solutions by stc”, together with financial advisors HSBC Saudi Arabia, Morgan Stanley Saudi Arabia and Al-Ahly Financial Company, have announced the successful completion of the process of building the order book for institutions and determining the final price of the shares offered in its public offering (the “initial public offering” or “offer”), and the final price of the shares offered has been set in 151 riyals per share (the “final price”), which means that the company’s market value reached 18.1 billion riyals ($ 4.8 billion).
The subscription phase for individual subscribers will start on Sunday 12/02/1443 AH corresponding to 19/09/2021G and will continue until Tuesday 14/02/1443 AH corresponding to 21/09/2021G, and 2,400,000 ordinary shares equal to 10% of the allotted shares offered in public subscription Maximum number of individual subscribers.
Read More About: Business News