Saudi sovereign fund PIF selling 5.01% stake in STC in secondary offer

DUBAI, Dec 5 (Reuters) - The Public Investment Fund (PIF), Saudi Arabia's sovereign wealth fund, is selling a 5.01% stake in Saudi Telecom Co (STC) (7010.SE) through a secondary share offering, STC said on Sunday.

PIF plans to sell 100.2 million shares at a price range of 100 riyals to 116 riyals per share, potentially raising as much as 11.623 billion riyals ($3.10 billion) at the top end of the range.

The final price will be determined on Dec. 10.

PIF currently owns 70% of Saudi Telecom, which is Saudi Arabia's largest telecoms operator and also owns subsidiaries and has stakes in companies operating in Kuwait, Bahrain, the United Arab Emirates and Turkey.

Reuters had first reported PIF's plans to sell STC shares in June, which was later confirmed by the sovereign wealth fund. read more

PIF is the main engine of Crown Prince Mohammed bin Salman's Vision 2030 to wean the economy off its dependence on oil.

The PIF is pursuing a two-pronged strategy, building an international portfolio of investments while also investing locally in projects such as a mega economic zone called NEOM.

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. These banks are also joint bookrunners along with Citigroup and Credit Suisse for the deal.

($1 = 3.7513 riyals)

Reporting by Saeed Azhar; Editing by Alex Richardson

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