PIF says stc stake sale part of capital recycling strategy

14/11/2024 Argaam

PIF says stc stake sale part of capital recycling strategy

Logo of The Public Investment Fund (PIF) 

The Public Investment Fund (PIF) confirmed today, Nov. 14, its keenness on strategic ownership in stc and its diverse partnerships with the company through a number of PIF portfolio companies.

 

It said that selling 100 million shares of its own stc’s shares is part of the PIF's strategy to recycle capital and invest in new and promising sectors in the local economy.

 

“PIF looks forward to supporting stc’s leading role in shaping the future of the ICT sector in Saudi Arabia, one of its priority sectors,” the PIF said in a statement.

 

Post-sale, the PIF owns 62% of stc’s issued share capital, amounting to 3.1 billion shares.

 

The PIF completed today the sale of 2% of stc shares, where the final offering price was set at SAR 38.6 per share, and the total value of the offering amounted to SAR 3.86 billion.

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