2002 News Story

Saudi Telecom shares go on sale today

Today is the opening of the sale of shares of Saudi Telecommunications Company (STC), which will continue until January 6, 2003. On sale are 90 million shares, representing 30 percent of the company's 300 million shares. Of these, 60 million are offered to individual Saudi citizens. Private establishments, banks and societies are excluded from the sale. STC's President Khalid Al-Mulhim commented on the positive financial indicators realized by the company, noting that during the first nine months of the current fiscal year net profits reached SR 2.8 billion [U.S. $ 0.75 billion], up 11 percent from the same period last year.