Saudi Arabia’s sovereign wealth fund is selling part of its stake in the kingdom’s main mobile-phone operator as it tries to raise cash for the government’s trillion-dollar economic transformation plan.

Saudi PIF, which sold 6 per cent of stc for $3.2bn in 2021, will keep a 62 per cent stake in the telecoms group after the offering.

Saudi Arabia’s Public Investment Fund is selling 2 per cent of its stake, or 100 million shares, in Saudi Telecom Company, the kingdom's biggest mobile operator, according to a regulatory filing with the Tadawul stock exchange.

Saudi PIF, which sold 6 per cent of stc for $3.2bn in 2021, will keep a 62 per cent stake in the telecoms group after the offering.

Saudi Arabia's sovereign wealth fund PIF plans to sell a 2% stake in Saudi telecoms operator STC through a private placement to institutional investors. The offering consists of approximately 100 million shares,

Saudi Arabia’s sovereign wealth fund PIF is selling an around 2 per cent stake in the country’s telecom group STC, the banks running the deal said on Wednesday (Nov 13), in a deal that could raise as much as US$1.

The sale represents 2 percent of PIF’s stake in STC and the price is around 6.5 percent lower than the share price at closing on Wednesday. Goldman Sachs Saudi Arabia and SNB Ca