2002 News Story

Saudi Telecom to launch IPO by end of year

The Saudi Telecom Company (STC) announced yesterday that it will launch its initial public offering (IPO) before the end of this year, most probably in December. Making the announcement, STC President Khalid Al-Mulhem ruled out the possibility of a strategic partner being taken on board, commenting that the company is already being run profitably and on a professional basis. The IPO, comprising up to 30 percent of STC's shares, is worth about U.S. $3.26 billion.