The Saudi Public Investment Fund (PIF) has announced the sale of 2% of its shares in Saudi Telecom Company, totaling 100 million shares. The sale targets eligible institutional investors both domestically and internationally, with Goldman Sachs Saudi Arabia and SNB Capital serving as joint global coordinators and bookrunners. The final sale price will be determined through a book-building process.
Following the transaction, PIF will retain approximately 62% of Saudi Telecom's issued share capital. The pricing for the sale was set at 38.6 riyals per share, a 6.1% discount from the previous close of 41.1 riyals. This transaction raised 3.86 billion riyals (equivalent to 1.03 billion USD) for PIF.
This deal is noted as the largest accelerated book-build stock offering in the history of the Middle East and North Africa region, achieving five times oversubscription with 40% of the allocation going to international investors. Saudi Telecom has clarified that it will not receive any proceeds from this offering and the transaction will not dilute the holdings of other shareholders.
PIF manages approximately 925 billion USD in assets, aiming to become a global investment powerhouse. Through investments in emerging industries and new business opportunities, PIF plays a crucial role in the global economy while also facilitating Saudi Arabia's economic transformation.
