The Saudi Public Investment Fund is considering selling part of its stake in STC


Reuters news agency reported yesterday that the Saudi Public Investment Fund is considering selling part of its stake in the Saudi Telecom Company “STC”, adding that “Goldman Sachs Bank” and “Al-Ahly Capital” have been appointed to arrange the deal, and that the value is under study.

At a time when there was no official statement about the three entities, the Saudi Public Investment Fund currently owns 70 percent of the Saudi Telecom Company, estimated at 187.5 billion riyals ($50 billion), according to Reuters data.

Shares of Saudi Telecom have risen by more than 25 percent this year, as it closed yesterday at 132.80 riyals ($35.73). It is known that the Public Investment Fund plans to double its assets to 4 trillion riyals ($1.7 trillion) by 2025.

In another context, the Saudi Central Bank (SAMA) announced yesterday, the extension of the period of the payment deferral program – one of the programs to support private sector financing – for an additional three months, starting from the beginning of next July to the end of September of this year.

This comes at a time when the sectors of the Saudi economy are witnessing a return to the dynamism of performance to the pre-Corona pandemic stages.

The Central Bank said that the step comes within the framework of supporting micro, small and medium enterprises that are still affected by the precautionary measures taken to confront the emerging Corona virus pandemic.
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