PIF to Sell 2% Stake in STC in Move to Raise $1.1 Billion

Saudi Arabia’s Public Investment Fund (PIF) has enlisted Goldman Sachs and Saudi National Bank to manage the sale of a 2% stake in Saudi Telecom Company (STC). The move could generate up to $1.1 billion, according to a statement from the banks. The share price will be set through an accelerated book-building process, and PIF has not commented on the sale.

PIF, which previously offloaded 6% of STC shares for $3.2 billion in 2021, will retain a majority 62% stake after this latest sale, expected to conclude Thursday. STC itself will not benefit from the proceeds, the banks noted.

The wealth fund, managing nearly $1 trillion in assets, has been active in the Gulf debt markets this year to secure funding for Saudi Arabia’s ambitious economic reform agenda.

Source: Reuters