Saudi Telecom Co gets approval for planned IPO of unit

Saudi Telecom Co (STC) said on Tuesday the kingdom’s stock market regulator had approved the planned initial public offering of its subsidiary, Solutions by STC.

The Capital Market Authority approved an offering of 20%, representing 24 million shares, of Arabian Internet and Communications Services Co, also known as Solutions by STC.

STC hired HSBC, Morgan Stanley and the investment banking arm of Saudi lender National Commercial Bank to advise on the sale, Reuters reported in October, citing three sources familiar with the matter.