VOL. XLV

No 51/52

23/30-December-2002

SAUDI ARABIA

Modest Initial Response To STC Flotation, But Bankers Still Expect Oversubscription

The flotation of 90mn shares (30%) of Saudi Telecommunications Company (STC) which was launched on 17 December and ends on 6 January, has so far elicited a modest response from investors as local bankers had anticipated. Investors are expected to wait until the last week of the three week process before committing themselves to taking part in what is the largest...