PIF plans stake sale in telecom giant

PIF plans stake sale in telecom giant

PIF plans stake sale in telecom giant
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RIYADH: Saudi Arabia’s Public Investment Fund (PIF) is exploring a sale of part of its stake in Saudi telecom giant ‘stc’ to international and local investors, while maintaining majority stake of more than 50 per cent in the company, Arab News quoted the PIF, as saying, in a statement.

PIF has appointed Goldman Sachs Saudi Arabia, HSBC Saudi Arabia, Morgan Stanley Saudi Arabia and Saudi National Bank Capital to evaluate the potential transaction options.

“The potential transaction is in line with the PIF’s strategy to recycle its capital to new investments,” it added. The deal also expected “to contribute to the medium- and long-term value for all of the stc’s investors by diversifying the company’s investor base and increasing its free float and weight in relevant international indices.”

“The final decision regarding the potential transaction will have full regard to the prevailing market conditions and the interests of the company’s existing shareholders,” the PIF said.

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