Public Investment Fund to sell 100 million shares in stc

Goldman Sachs Saudi Arabia and NCB Capital, as joint global coordinators and institutional bookrunners for the Public Investment Fund, announced the launch of an accelerated bookbuilding process to sell a portion of the Fund’s stake in stc

The offering consists of approximately 100 million shares, representing approximately 2.0% of the issued share capital of Saudi Telecom Company, to institutional investors.

The sale will be executed through negotiated deals outside the market on November 14 before the market opens, in accordance with the negotiated deals mechanism stipulated in the trading and membership procedures issued by the Saudi Stock Exchange.

The offering will also be made to institutional investors in Saudi Arabia and qualified foreign institutional investors in accordance with the rules governing investment by qualified foreign financial institutions in listed securities and institutional beneficiaries of swap agreements concluded with a licensed financial market institution in accordance with the terms and conditions of the swap agreements from the Capital Market Authority to purchase and trade shares in the Saudi Stock Exchange on behalf of these beneficiaries, in addition to institutional investors from the GCC countries, including companies and funds licensed to trade in Saudi shares. Accordingly, the shares will be offered to some institutional investors located outside the United States in accordance with Regulation S issued under the US Securities Act of 1933 and its amendments. The Company will not receive any proceeds from the offering and the offering will not lead to a reduction in the ownership of other shareholders in the Company.