Shareholders of stc will vote on the company’s dividend policy for the next three years, starting from Q4 2021, during the ordinary general meeting (OGM) scheduled for Nov. 30, the company said in a statement to Tadawul.
They will also vote on the company’s entry into and execution of the bookrunners agreement, and on authorizing any person delegated by the board of directors to approve the terms and conditions of this agreement and any other related agreements, applications, documents instruments relating to the secondary offering.
The Public Investment Fund (PIF) is exploring the sale of a portion of its shares in the company to institutional investors and retail investors in the Kingdom of Saudi Arabia, as well as international institutional investors, while maintaining its majority stake of more than 50% of the company's total shares (the secondary offering).
The company added that, as part of the secondary offering, it is intending to enter into a bookrunners agreement with PIF and the following bookrunners and company’s financial advisors: Goldman Sachs Saudi Arabia; HSBC Saudi Arabia; Morgan Stanley Saudi Arabia; SNB Capital Co. and/or any other bookrunners to be determined by the company and PIF (the joint bookrunners), whereby PIF and the company appoint the joint bookrunners with respect to all matters related to the secondary offering (the bookrunners agreement).
It added that the bookrunners agreement is considered a related party transaction in which PIF representatives in the company's board of directors have indirect interest.
The secondary offering is subject to obtaining all required regulatory approvals and other internal approvals of PIF and the company, the completion of all preparatory steps for the secondary offering by the company and PIF, and the prevailing market conditions at the time, said the company. It added that, if the secondary offering is launched, the sale of shares will be off-market.
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