FTSE Russell updates stc weight in 3 indices

FTSE Russell said it will update the weight of stc in its indices, after the Public Investment Fund (PIF) offloaded 2% of its ownership in the telecom operator to institutional investors.

 

These indices are FTSE All-World Index, FTSE Global All Cap Index  and FTSE Emerging Index.

 

The update will be effective as of Nov. 20.

 

According to data available with Argaam, the Public Investment Fund (PIF) announced the completion of an accelerated bookbuild offering to sell the fund’s stake of 2% (100 million shares) in stc.

 

The final selling price was set at SAR 38.6 per share, taking the transaction's total value to SAR 3.86 billion.

 

The PIF now owns approximately 3.1 billion shares in stc, out of five billion shares, down from 64% to 62% of the total capital.