RIYADH: The Public Investment Fund and Saudi Telecom Co., stc, on Tuesday announced the completion of the secondary public offering described as “the largest equity capital market transaction in the Kingdom since Aramco IPO.

The PIF sold 120 million shares in stc, representing 6 percent of stc’s capital, according to a statement.

The total offering size reached SR12 billion ($3.2 billion), which makes it the largest equity capital markets transaction in Saudi Arabia since the IPO of Saudi Aramco, the largest secondary follow-on transaction in EMEA in the last three years, and the largest secondary follow-on transaction in Central and Eastern Europe, Middle East, and Africa in nearly 10 years.

The shares were offered to local and international institutional investors as well as retail investors.

Yazeed A. Al-Humied, PIF deputy governor, head of MENA Investments said: “The strong interest that this offering has generated from domestic and international investors is testament to stc’s enduring strengths and exciting prospects for the future.”

He said the transaction is in line with PIF’s strategy 2021-2025, which seeks to recycle capital by selling stakes in the companies owned by the fund.

Olayan M. Alwetaid, stc Group CEO said: “I have no doubt that the increase in the company’s free float percentage to 29.84 percent will further enhance the company’s international investment case and help make its shares accessible to a wider range of investors and improve trading liquidity.”

Commenting on the transaction, Saudi Tadawul Group CEO Khalid Alhussan said: “As of now, this is the largest equity capital market transaction in the Kingdom since Aramco IPO, and it bodes well for the future, as we seek to capitalize on the growing momentum in the Saudi economy.”