$3.2 billion in expected revenues from the sale of a stake in “Saudi Telecom”

STC is the largest telecom company in the Kingdom.

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The Saudi Public Investment Fund will raise 12 billion riyals ($3.2 billion) by selling a 6% stake in Saudi Telecom, after setting the deal price in a secondary offering.

The Saudi Public Investment Fund, which is the kingdom’s sovereign wealth fund, set the final price for selling 120 million shares at 100 riyals per share, at the minimum price range of 100 to 116 riyals, according to an announcement on the stock exchange published by a senior deal manager.

A source familiar with the offering said that the deal, which was marketed globally, is the largest deal in the Middle East capital market this year.

The Saudi stock index, which has risen nearly 26% this year, has seen a slew of deals in recent months, including a $1 billion initial public offering by Saudi Arabia's Tadawul Group, the stock exchange's owner, and a $1.2 billion offering from ACWA Power International.

The Public Investment Fund owned 70% of the Saudi Telecom Company before the sale.

And «STC» is the largest telecom company in the Kingdom, and it also has subsidiaries and stakes in institutions operating in Kuwait, Bahrain, the UAE and Turkey.

In June, the first news was published about the investment fund's plans to sell part of the Saudi Telecom shares, which was later confirmed by the fund.

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