Saudi Arabia's Public Investment Fund (PIF), the country's sovereign wealth fund, is considering selling part of its 70% stake in Saudi Telecom Co (STC) while retaining majority ownership, the state fund said on Thursday.
"The potential transaction is expected to contribute to PIF's establishment and development of new sectors, in addition to strengthening the Saudi economy's growth and diversifying its sources of income," PIF said in a statement.
PIF said it had appointed Goldman Sachs, HSBC, Morgan Stanley and SNB Capital to advise on the deal.
