The Public Investment Fund (PIF), Saudi Arabia’s sovereign wealth fund, is set raise 12 billion riyals ($3.2 billion) through the sale of a 6% stake in Saudi Telecom (STC) after it priced the deal in a secondary share offering.
PIF set the final price for the sale of 120 million shares at 100 riyals (S$36.42) per share, at the lower end of an earlier price range of 100 riyals to 116 riyals per share, according to an announcement on the bourse by one of the deal’s lead managers.
The Saudi stock index, which is up nearly 26 per cent this year, has seen a flurry of deals in recent months including the US$1 billion IPO of bourse owner, Saudi Tadawul Group, and ACWA Power International’s US$1.2 billion listing.
Read more/Source: Reuters
