Riyadh – Sharikat Mubasher: The Public Investment Fund (PIF) recently announced it has completed the sale of part of its stake in Saudi Telecom Company (stc) via an accelerated bookbuild offering.

In this transaction, PIF sold 100 million shares, which represents about 2% of stc’s total issued shares, for a combined value of SAR 3.86 billion ($1.03 billion), according to a press release. Each share was sold at a final price of SAR 38.6.

The offering attracted strong interest from both local and international institutional investors and was conducted in accordance with Regulation S of the U.S. Securities Act of 1933. This transaction set a new record, becoming the largest accelerated bookbuild offering in both Saudi Arabia and the broader MENA region. The high demand demonstrates the Saudi capital market’s appeal and reflects investor confidence in the region.

PIF emphasized the strategic importance of its stake in stc and its partnerships with the company through several of its portfolio investments. Looking ahead, PIF aims to support stc’s role in advancing the information and communication technology (ICT) sector in Saudi Arabia, a priority area for the fund.

Following this sale, PIF still holds 3.1 billion shares in stc, which amounts to a 62% ownership stake. This transaction aligns with PIF’s broader strategy of recycling capital to reinvest in new and promising sectors within the local economy.