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 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.