JEDDAH, 17 December 2002 — With Saudi Telecom Company all set for today’s multibillion share flotation, the largest public offering in the Kingdom since 1984, STC Chairman Khaled Al-Molhem called on prospective buyers to speed up the registration process without waiting till the closing date — Jan. 6.
STC is selling 90 million shares, 30 percent of its total 300 million shares in a deal expected to generate $4 billion for the state exchequer. The required subscription forms are available at banks throughout the Kingdom. Booklets describing how to fill out the forms are also available at the banks.
A senior STC official will be on hand at the toll free telephone No. 1777 to answer any queries about subscriptions.
A single form can be used by a subscriber and members of his family if the number of shares for each member is equally divided. The shares will be in the name of the subscribing head of the family. The shares, priced at SR170 each, can be paid for in cash or through checks, Molhem said.
The General Investment Fund, however, has the right to deny fully or partly any application found not fulfilling the required conditions, he said. A month after the closure of subscriptions, the date for share circulation will be announced.
He also said the shares are now sold only to Saudi citizens. No company, funds, societies or banks are eligible to buy shares of the initial public offering.
