Saudi's stc launches secondary offering of 100mln shares

A total of 10.02mln shares will be allocated to retail subscribers

  
A Saudi trader wears a mask as he monitors stock information at the Saudi stock market in Riyadh, Saudi Arabia August 25, 2020.

A Saudi trader wears a mask as he monitors stock information at the Saudi stock market in Riyadh, Saudi Arabia August 25, 2020.

REUTERS/Ahmed Yosri
RIYADH: Saudi Arabia’s Public Investment Fund (selling shareholder) and stc on Sunday announced the launch of a secondary public offering of stc’s ordinary shares, Argaam reported.

“The potential transaction is in line with the PIF’s strategy to recycle its capital to new investments,” the fund said in an earlier statement.

A total of 10.02 million shares will be allocated to retail subscribers.

The offering comprises a fully marketed secondary public offering of 100.2 million stc shares, representing 5.01 percent of its share capital

The price range has been set between SR100 and SR116 per share. The final offer price will announced on Dec. 10.

Goldman Sachs Saudi Arabia, HSBC Saudi Arabia, Morgan Stanley Saudi Arabia and SNB Capital are acting as joint financial advisers for STC and joint global coordinators for STC and PIF. The Citigroup Saudi Arabia and Credit Suisse Saudi Arabia are acting as joint bookrunners, according to a bourse filing.

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