2002 News Story

Saudi Telecom's December floating of shares

Minister of Finance and National Economy Dr. Ibrahim Al-Assaf, who also chairs the board of directors of the Public Investment Fund (PIF), announced today that the PIF, in cooperation with the Saudi Telecommunications Company (STC), invites the Saudi public to purchase a portion of the Company's shares effective December 17, 2002. Dr. Al-Assaf explained that 90 million shares will be floated, of which 30 million will be appropriated for the Pension Fund and 30 million for the General Organization for Social Insurance. The nominal value of a share in the state-run Company will be SR50, while the selling rate for subscribers will be SR170. Only Saudi nationals will have the right to subscribe, he said, adding that companies, establishments, funds, banks, societies, and other legal bodies will not be allowed to subscribe during the 21 days of Phase One of the public circulation of STC shares. Details of the process are available at all local Saudi banks.