Saudi Arabia's sovereign wealth fund, the Public Investment Fund (PIF) is selling a 5.01 percent stake--amounting to 100.2 million shares--in Saudi Telecom Co. in a secondary share offering.

The price range has been set between 100 riyals and 116 riyals per share ($26.70-$30.9.) The final offer price will be announced on December 10, according to a statement on Tadawul stock exchange on Sunday.

At the top of the price range PIF would raise 11.623 billion riyals ($3.10 billion). It currently holds a 70 percent stake in the telecom company.

A total of 10.02 million shares, or 10 percent of the offer size, will be allocated to retail subscribers. Subscription period for institutional investors runs from December 5 to December 9, and from December 7 to December 8 for retail investors.

Goldman Sachs, HSBC, Morgan Stanley and SNB Capital are acting as joint financial advisors for the company and joint global coordinators for the company and PIF. Al Rajhi Bank, Riyad Bank and SNB are acting as the receiving banks.

PIF, which manages $400 billion in assets, is one of the main engines for the kingdom’s Vision 2030 that will diversify the economy away from oil.

(Writing by Brinda Darasha; editing by Seban Scaria)

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