Skip to content

Saudi Telecom Falls as Timing of PIF Share Sale Disappoints

Updated on

Saudi Telecom Co. fell to the lowest in 11 months after the kingdom’s sovereign wealth fund sold part of its stake in the company at a discount.

Shares in STC closed down 2.7%, paring earlier losses of as much as 6.2%. The offering had priced at the low end of the range and at a discount to the stock’s closing price on Thursday despite being oversubscribed.