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Today, Sunday, September 19, began the process of individual subscription of shares of the Arab Society for Internet Services and Communications Solutions by stc, which will continue until Tuesday, September 21.
A maximum of 2,400,000 ordinary shares representing 10% of the total shares offered for public subscription have been allocated to individual subscribers.
The company announced that the institutional subscription period ended with a coverage rate exceeding the target of 130 times, with the total value of institutional subscriptions reaching 471 billion riyals.
It should be noted that the Arab Company for Internet and Communications Services “solutions by stc”, as well as the financial advisers, namely HSBC Saudi Arabia, Morgan Stanley Saudi Arabia and Al-Ahly Financial Company, announced the successful completion of the process of constructing the order book for institutions and determining the final price of the shares offered as part of its public offering (the “initial public offering” or “the offering”), and the final price of the shares offered to was set at 151 rials per share (the “final price”), meaning that the market value of the company reached 18.1 billion riyals ($ 4.8 billion).
The CEO of the stc group, Olayan bin Muhammad Al-Wateed, has confirmed that the launch of the company is in line with the directions of the stc group’s growth strategy and the pursuit of many of the group’s ambitious digital projects.
Al-Wated said the subscription is a qualitative and important leap in supporting companies operating in communications and information technology, as these companies are among the main pillars of the Kingdom’s Vision 2030. Investment in technology is an important priority that supports development in various areas of the Kingdom.
He pointed out that stc strives to contribute to this vision and provide the opportunity for investment entities, including businesses and individuals, to join us on this journey, as we depend on a strategic plan. ambitious to support sustainable growth.
He highlighted the success of stc solutions in stc system and its transformation from an acquisition of 100 million riyal into a company with a current value of over 18 billion riyal.
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