Tomorrow, Sunday 19 September, the via the process of individual subscription of the shares of the Arab Company for Internet and Communication Services Solutions by stc, which will continue until Tuesday 21 September.
2,400,000 ordinary shares representing 10% of the Total shares offered in public subscription to subscribers of individuals max.
The company announced that the institutional underwriting period ended with a coverage rate that exceeded the target by 130 times. in when the total value of the institutional subscription reached 471 billion riyals.
The managing director of stc Group, Ing. Olayan bin Muhammad Al-Watied, confirmed that the company’s launch process is in in line with stc’s growth strategy and within the pursuit of many ambitious digital projects.
Al-Wated indicated that the subscription is a quantum leap and important in supporting companies operating in the communications and IT fields, as these companies are among the main pillars of the Kingdom’s Vision 2030, since investing in technology is a major priority that supports development in various fields of the Kingdom.
He highlighted stc’s work to contribute to this vision and to provide the opportunity for investment entities, including businesses and individuals, to join us in this journey, as we depend on an ambitious strategic plan to support sustainable growth.
He highlighted the success of stc’s solutions in the stc system and its transformation from a 100 million riyal acquisition to a company whose current value is over 18 billion riyals.
Interestingly, the Arab company’s “stc solutions” for Internet and communications services, along with financial advisors, HSBC Saudi Arabia, Morgan Stanley Saudi Arabia and Al-Ahly Financial Company, announced the successful completion of the construction of the order book for the institutions and determination of 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 was set at 151 riyals per share (the “final price”), which means that the company’s market value reached 18.1 billion riyals ($ 4.8 billion).
Read More About: Business News