STC’s largest shareholder denies plans to divest stake

17 Nov 2016

Saudi Arabia’s sovereign wealth fund has denied plans to sell stakes in local companies to raise funds for international expansion. Local news source Argaam cited the investment vehicle as saying: ‘The Public Investment Fund [PIF] has no plan or intention to reduce its equity holdings in Saudi Arabia.’ Earlier this week media reports claimed that the PIF – which has roughly USD100 billion worth of shares in 19 Saudi-listed companies, including Saudi Telecom Company (STC) — was in the process of reviewing the equity stakes to diversify its assets.

Saudi Arabia, Saudi Telecom Company (stc)