PIF mulls divesting part of stake in stc: report

22/06/2021 Argaam

Logos of PIF and stc

Saudi Arabia’s Public Investment Fund (PIF) is considering divesting part of its stake in stc, Reuters reported, citing sources close to the matter.

 

The sources also added that the sovereign wealth fund has hired Goldman Sachs and NCB Capital to arrange a transaction.

 

According to data compiled by Argaam, PIF owns 70% stake in stc, representing 1,400 million shares.

 

Crown Prince Mohammed bin Salman said in April this year that the PIF disposes of any asset that reached maturity. If the asset is publicly-listed, the fund will reduce its holding in that asset.

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