VOL. XLVI

No 2

13-January-2003

SAUDI ARABIA

STC Flotation Oversubscribed, As Expected

The flotation of 90mn shares (30%) of Saudi Telecommunications Company (STC) which was launched on 17 December and ended on 6 January was more than three times oversubscribed, the Saudi Ministry of Finance and National Economy said on 7 January. While interest was initially slow, it picked as the issue neared its close, as local bankers had expected. Sixty million shares priced at SR170 ($45) each or a total of...