Retail offering of 10m shares in stc begins

Retail investors can subscribe to buy some of the 10.02 million shares being offered in the Saudi Telecom Company on Tuesday and will end on Dec. 8.

The company will allocate 10 percent of the offering to retail investors while the remaining 90 percent, representing 90.18 million shares, will be allocated to institutional investors.

The number of retail investors’ shares and the share ratio will be announced after completing the book-building process and announcing the final offering price.

The offering comprises a fully marketed secondary public offering of 100.2 million shares in stc, representing 5.01 percent of its share capital owned by the Public Investment Fund.

The price range has been set between SR100 ($26.66) and SR116 per share.