RIYADH, 24 November 2002 — Saudi Telecom Company will announce today the details of its plan to sell 90 million shares to private Saudi subscribers. The flotation will start on Dec. 17.
Khaled Al-Molhem, president of the company, told Arab News that STC’s early entry to the stock exchange would boost the Kingdom’s financial market, as the sale offers a new and viable investment channel.
“Saudi Arabia enjoys high liquidity,” Molhem said, adding that STC’s entry to the stock exchange will bring new investors to the market. Each share is priced at SR170. One third of the 90 million will be allocated equally for the Pension Fund and GOSI.
