Today, Sunday, September 19, the individual subscription process for shares of Arab Company’s Internet and Communication Services solutions began by stc and will continue until Tuesday, September 21.
A maximum of 2,400,000 ordinary shares representing 10% of the total shares offered to the public were allocated to individual subscribers.
The company announced that the corporate subscription period ended with a coverage rate that exceeded the target 130 times, and the total value of the corporate subscription reached 471 billion riyals.
It is noteworthy that the Arab Internet and Communication Services Company “solutions stc” and financial advisors, namely HSBC Saudi Arabia, Morgan Stanley Saudi Arabia and Al-Ahly Financial Company, announced the successful completion of the construction process. The final price of the shares offered to the public, which determines the final price of the shares offered to the public in the public offering (“initial public offering” or “offer”), was determined as 151 riyals (“final price”) per share. price”), which means that the market capitalization of the company has reached 18.1 billion riyals (4.8 billion dollars).
Olayan bin Mohammed Al-Wateed, CEO of stc Group, confirmed that the launch of the company is in line with the growth strategy of the stc group and the group is pursuing many ambitious digital projects.
Al-Wated noted that the subscription is a qualitative and significant leap forward in supporting companies operating in the communications and information technology field, as these companies are among the main pillars of the Kingdom’s Vision 2030 and investment in technology is a key priority to support. Development in various areas in the Kingdom.
He noted that as we are committed to an ambitious strategic plan to support sustainable growth, STC is working to contribute to this vision and provide investment organizations, including companies and individuals, the opportunity to join us on this journey.
He drew attention to the success of solutions with stc in the stc system and its transformation from a purchase of 100 million riyals to a company with an estimated present value of more than 18 billion riyals.