The market value of the share that the Public Investment Fund is considering selling in STC is about 50 billion riyals.
Last Thursday, STC announced that it had received a letter from the Public Investment Fund, its largest shareholder, regarding the study of selling part of its shares in STC, while retaining a majority stake of more than 50% of the company’s shares.
The company said in a statement on the “Saudi Tadawul”, that the process of selling any of the fund’s shares will not start until the latest developments are announced later and relevant approvals are obtained, according to what was stated in the fund’s announcement of the potential deal.
For its part, the Public Investment Fund stated, on Thursday, that it is studying the process of selling part of its shares in the Saudi Telecom Company “STC” to international and local investment institutions as well as individual investors.
The fund said in a statement that the potential deal aims to enable the fund’s capital to be recycled into new investments that contribute to enhancing its long-term investment strategy.