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Saudi Telecom Said to Weigh IPO for Internet-Services Unit

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Saudi Telecom Co. plans to spin off its internet-services unit through an initial public offering on the local stock exchange late next year, in a listing that could value the business at about 10 billion riyals ($2.7 billion), according to people familiar with the matter.

Saudi Telecom is considering selling as much as 30% of the unit, Solutions by STC, although no final decisions have been made and the company may still decide against selling shares, the people said, asking not to be identified because the information is private. The final valuation could be higher depending on how much profit it makes over the rest of this year and investor demand for the shares.