The Saudi Public Investment Fund (PIF) and the Saudi Telecom Company (STC) - the largest telecommunications company in the Middle East - announced the successful completion of the secondary public offering of 120 million shares, representing 6 percent of the company’s capital. A joint statement said that the Kingdom’s sovereign wealth fund sold 120 million shares to local, international institutional and retail investors at 100 riyals per share. The PIF raised $3.2 billion from the sale of the 6 percent stake in Saudi Telecom. The $430 billion sovereign wealth fund retains a 64 percent stake in STC’s issued shares after the offering. “The strong interest that this offering has generated from domestic and international investors is testament to STC’s enduring strengths and exciting prospects for the future,” said Yazeed Al-Humied, PIF deputy governor and head of Mena investments. “This transaction is in line with PIF’s strategy 2021-2025... to recycle capital by selling stakes in the companies owned by PIF, as with the secondary public offering of PIF’s shares in STC and the [initial public offerings] of Acwa Power and Saudi Tadawul Group, to reinvest the proceeds in emerging and promising sectors in the local economy.” For his part, STC group chief executive Olayan Alwetaid said: “We are extremely pleased to see the strong interest in the offering from domestic and international investors." "The increase in the company’s free float percentage will further enhance the company’s international investment case, help make its shares accessible to a wider range of investors and improve trading liquidity,” he added.