50 billion riyals, the part of the Public Investment Fund which should be sold in STC

The market value of the share that the Public Investment Fund plans to sell in STC is around 50 billion riyals.

Last Thursday, STC announced that it had received a letter from the Public Investment Fund, its main shareholder, concerning the study of the sale of part of its shares in STC, while retaining a majority stake of more than 50% of shares of the company.

The company said in a statement on “Saudi Tadawul” that the process of selling the fund’s shares will not begin until the latest developments are announced later and the relevant approvals are obtained, as reported. in the announcement of the potential deal fund.

For its part, the Public Investment Fund said Thursday that it was studying the process of selling part of its shares in the Saudi telecommunications company “STC” to international and local investment institutions as well as ‘to individual investors.

The fund said in a statement that the potential deal aims to allow the fund’s capital to be recycled into new investments that help improve its long-term investment strategy.