{"id":91591,"date":"2024-11-17T00:00:00","date_gmt":"2024-11-17T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/ksa\/2024\/11\/17\/pif-sells-2-of-stc-for-sar-3-86-bn\/"},"modified":"2024-11-17T00:00:00","modified_gmt":"2024-11-17T00:00:00","slug":"pif-sells-2-of-stc-for-sar-3-86-bn","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/ksa\/2024\/11\/17\/pif-sells-2-of-stc-for-sar-3-86-bn\/","title":{"rendered":"PIF sells 2% of STC for SAR 3.86 bn"},"content":{"rendered":"

The Public Investment Fund (PIF) offloaded a 2% stake in STC last week in a SAR 3.86 bn <\/strong>transaction<\/strong>, marking the largest such transaction in the Kingdom and the MENA region, it said in a statement<\/a>. \u201cThis transaction is in line with PIF\u2019s strategy to recycle its capital and invest in emerging and promising sectors in the local economy,\u201d the statement reads. STC\u2019s share price closed down 2.2% to SAR 40.20 apiece on Thursday.<\/p>\n

(** Tap or click the headline above to read this story with all of the links<\/strong> to our background and outside sources.)<\/p>\n

The details: <\/strong>The fund sold 100 mn shares to local and international institutional investors in an accelerated bookbuild offering, though details about the buyers remain undisclosed. The transaction was priced at SAR 38.6 per share, and left the fund with a 62% stake in the telecom giant. The transaction was 5x oversubscribed, with 40% of the shares on offer allocated to international investors, Reuters<\/a> reports, citing a source familiar with the matter. Bloomberg<\/a> also had the story. <\/p>\n

ADVISORS<\/strong>- <\/strong>The sovereign wealth fund tapped Goldman Sachs and Saudi National Bank (SNB) to manage the offering. <\/p>\n

The move is the latest in a series of stake sales by the fund<\/strong>, with the most recent being a<\/a>second selldown of its stake in Japanese gaming giant Nintendo<\/a> to now own 6.3%, down from 7.5%. This reflects the fund\u2019s plans to reduce overseas exposure<\/a> from 30% to 18-20%, to support domestic diversification projects, and encourage co-investment from foreign firms within the Kingdom. It most recently took a majority 54% stake<\/a> in local broadcaster MBC for SAR 7.5 bn. <\/p>\n

ALSO FROM THE PIF-<\/strong> The fund\u2019s ownership of US equities grew to USD 26.7 bn in 3Q 2024, up from USD 20.7 bn the previous quarter, Argaam<\/a> reports, citing a US Securities and Exchange Commission filing. <\/p>\n","protected":false},"excerpt":{"rendered":"

The fund sold shares through an accelerated bookbuild that was 5x oversubscribed<\/p>\n","protected":false},"author":1,"featured_media":91592,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[2575],"tags":[10,14,1151,2299],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-91591","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ma-watch","tag-enterpriseam-ksa","tag-ma-watch","tag-public-investment-fund-pif","tag-saudi-telecom-company-stc","wpautop","entry"],"acf":{"mongo_id":"920f4736-b8b7-44d3-9919-d09b66cae1d3","order":"4","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/7\/1918.jpg","photo_position":"above","homepage_title":"","full_issue_title":"PIF raises SAR 3.86 bn by selling 2% of STC to institutional investors","related_issue":[91584],"teaser":"The fund sold shares through an accelerated bookbuild that was 5x oversubscribed","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/11\/.c312c85c-377a-4266-9b25-f79adb6b9046.mp3"},"yoast_head":"\nPIF sells 2% of STC for SAR 3.86 bn - 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