Solutions in stc subscription .. Assign a minimum of two shares to each individual

Arabian Internet and Communications Services Company “solutions by stc”, together with financial advisors “HSBC Saudi Arabia”, “Morgan Stanley Saudi Arabia” and “Al Ahli Capital”, announced the successful completion of the retail underwriting process in its public offer.

He explained that the segment of individual subscribers saw the participation of about 1.04 million individuals, with coverage above the target of about 2.365%, and requests for a value of 8.6 billion riyals.

A minimum of two shares have been assigned to each individual subscriber who is the subject of the subscription request, while the remaining shares will be assigned pro-rata. in based on the volume of each subscriber’s request to the total of the remaining shares to be subscribed, with an allocation ratio of 0.5776%, in media.

The subscription period for individual subscribers started on 19 September 2021 and ended on 21 September, when they subscribed the entire share assigned to tale sub-fund, equal to 2.4 million shares, 10% of the total shares offered at the final price of offering shares at 151 riyals per share, through the receiving entities.

The company said private underwriting began after the book process was completed building for institutions, which reached a coverage rate that exceeded the target of 1,3004.7%, with a value of 471 billion riyals, such as the coverage of Saudi companies (including listed companies, private, insurance companies and financial market institutions) is equal to approximately 9507.6%. The coverage of public funds, private funds and funds managed by financial market institutions is equal to approximately 2,395.9%, while the coverage of non-Saudi investors (including investors in Gulf Cooperation Council countries, qualified foreign investors and swap agreement investors) reached 908.7%.

He added that the coverage rate of government institutions was 41.4%, while the coverage rate of other investors was around 151.1%.

The company revealed that, in based on the results of the subscription process of the individual investor, the number of shares assigned to the participating classes will be reduced to 21.6 million shares offered, equal to 90% of the total shares offered, noting that the excess will be repaid no later than beyond September 29, 2021.

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