The completion of the secondary public offering of stc of 12 billion riyals and 29.8% of the free shares

The Public Investment Fund and Saudi Telecom Company stc announced, The leading communications and information technology services company in the Kingdom And listed on Saudi Tadawul, it announced the successful completion of the secondary public offering, as 120 million shares, or 6% of the company’s capital, were offered to a range of investors from local and international institutions, as well as investors. individuals, through a secondary public offering, which is the first of its kind in the Saudi stock market.

The total size of the offering amounted to 12 billion riyals, which is the largest transaction in the Saudi financial market since Saudi Aramco’s initial public offering, the largest secondary public offering in Europe, the Middle East and Africa three years ago, and the According to the Saudi news agency, the largest secondary public offering in the Central and Eastern European region, in Middle East e in Africa for ten years.

Deputy Governor of the Public Investment Fund and Head of the General Investment Administration in Middle East and North Africa, Yazid bin Abdul Rahman Al Humaid, said: The strong interest of local and international investors in stc shares is clear evidence of the company’s advantages, strength and promising prospects for the future and, in As the company’s largest shareholder, the Fund looks forward to supporting its pioneering role in shaping the future of the communications and information technology sector in the Kingdom, which is one of 13 strategic sectors the fund focuses on. “

Al-Humaid added: “This deal is part of the 2021-2025 Public Investment Fund strategy, launched by the Crown Prince and chairman of the fund’s board, regarding the rotation of capital through the sale of shares. in companies owned by the Fund, as in the case of the secondary public offer of the shares of the In stc fund and the initial public offerings of Aquapower and Tadawul Holding Group, in order to reinvest the proceeds in the development of new and promising sectors of the local economy. The successful structuring and implementation of this secondary offering will contribute to the development of the Saudi financial market, in as it is the first fully commercialized secondary public offering to international investors in the Kingdom, and also the largest in the region, showing the progress of the Saudi financial market and its legislation ”.

For his part, the managing director of stc Group, Ing. Olayan bin Muhammad Al-Wateid, said: “We are delighted to see this strong interest in stc shares from local and international investors, which is a proud testimony of the our achievements as a leading provider of information and communication technology services and as one of the largest telecommunications companies in the world. The Middle East and North Africa region, and this also reflects confidence in our future strategy and l high percentage of free shares of the company in the market at 29.84% will undoubtedly increase the company’s attractiveness to international investors and help improve the trading liquidity of our shares and make them accessible to a wider group of investors. and hope they are part of the company’s success story. “

In turn, the CEO of Saudi Tadawul Group, Ing. Khaled Al-Hussan, said: “The great demand witnessed by the secondary offering of the Public Investment Fund reflects the depth of the Saudi financial market and confirms its excellence and the strength of its response to positive regulatory and economic changes. An adequate environment in able to support the implementation of qualitative proposals such as these. Since Aramco’s IPO, this is the largest offering ever completed in the Saudi financial market, and it is a step that heralds a promising future driven by the positive momentum of the Saudi economy. “

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