The proceeds of the Arab Internet and Communications Services Company's subscription amounted to 3.624 billion riyals, before deducting the costs related to the offering.
According to Arabiya Net, the Saudi Telecom Company, STC, announced the end of the subscription of institutions and individuals in the initial public offering of 20% of the shares of its subsidiary solutions by stc.
The company stated, in a statement, that the dates of allocating the offering shares and refunding the excess subscription funds will be based on what was announced in the prospectus.
According to the statement, the financial impact of these proceeds will appear in the company's statement of financial position for the third quarter of 2021, and will not have an impact on the profit or loss statement.< /p>
The process of individual subscription for the shares of the Arab Company for Internet and Communications Services solutions by stc began on Sunday, September 19, and continued until Tuesday, September 21.
2,400,000 ordinary shares representing 10% of the total shares offered for public subscription were allocated to individual subscribers as a maximum.
The company had announced that the institutional subscription period ended with a coverage rate that exceeded the target by 130 times, as the total value of institutional subscription reached 471 billion riyals.
