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  • 06-12-21

    Saudi sovereign fund able to reach USD3.1B

    (MENAFN) Public Investment Fund of Saudi Arabia is offering a 5.01 percent share for sale in Saudi Telecom Company, the nation’s biggest phone operator, by a subordinate stake deal, which has the ability to collect around USD3.1 billion.

    On Sunday, Dec. 5 the company reported in a mutual declaration with STC, Saudi Arabia’s independent wealth fund intends to put 100.2 million stakes for sale at a cost value of 100 riyals to 116 riyals for one stake.

    The deal is targeted at domestic institutional and retail shareholders in addition to high-quality international institutional shareholders.

    The declaration stated that the amount of stakes set to retail shareholders is 10.02 million, showing 10 percent of the deal stakes.

    MENAFN06122021000045013270ID1103310944

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