Saudi PIF, which sold 6 per cent of stc for $3.2bn in 2021, will keep a 62 per cent stake in the telecoms group after the offering.

The Public Investment Fund of Saudi Arabia continues the recent trend of reducing its major stake in the Japanese gaming giant Nintendo.

Saudi Arabia’s sovereign wealth fund further trimmed its stake in Nintendo Co., deepening a selloff that began in August.Most Read from BloombergUnder Trump, Prepare for New US Transportation PrioritiesThe Leaf Blowers Will Not Go QuietlyArizona Elections Signal Robust Immigration Enforcement Under TrumpScoring an Architectural Breakthrough in Denver’s RiNo DistrictNo Water by Year-End for This Zimbabwean City of 700,

Saudi Arabia's sovereign wealth fund PIF will sell 100 million shares in the country's telecom group STC at a price of 38.6 riyals ($10.27) apiece, state television reported on Thursday.

Saudi Arabia’s Public Investment Fund is selling 2 per cent of its stake, or 100 million shares, in Saudi Telecom Company, the kingdom's biggest mobile operator, according to a regulatory filing with the Tadawul stock exchange.