Saudi Telecom is mulling over increasing its share capital by $8 billion. The company revealed this in a statement earlier in the week. If it happens, STC will issue 30 billion new shares. Existing shareholders will also be offered 1.5 new shares for every share they own. According to Refinitiv data, the news has led to STC’s share price surge. The share price surged by 10% due to the announcement
Saudi Arabia’s sovereign wealth fund controls STC. The company has been looking to venture into new business lines. It has sold off some of its business units while also looking to acquire other businesses. One of its recent acquisitions was an 89.49% stake in Giza Systems. It paid $158 million for the stake.
