Saudi Arabia’s PIF hopes to raise $3.10 billion through sales of 5.01 percent stake of Saudi Telecom Co.

Saudi Arabia’s sovereign wealth fund, the Public Investment Fund (PIF) is selling a 5.01 percent stake–amounting to 100.2 million shares–in Saudi Telecom Co. in a secondary share offering, Zawya reports.
The final offer price will be announced on December 10, according to a statement on Tadawul stock exchange on Sunday.
PIF holds a 70 percent stake in the telecom company. Goldman Sachs, HSBC, Morgan Stanley and SNB Capital are acting as joint financial advisors for the company and joint global coordinators for the company and PIF. Al Rajhi Bank, Riyad Bank and SNB are acting as the receiving banks.
The fund $400 billion in assets and is one of the main engines for the kingdom’s Vision 2030 that will diversify the economy away from oil.

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