Saudi PIF to Sell $1 Billion Stake in Telecom Firm in Cash Quest

Saudi Arabia’s sovereign wealth fund is selling part of its stake in the kingdom’s main mobile-phone operator as it tries to raise cash for the government’s trillion-dollar economic transformation plan.

The Public Investment Fund plans to sell 100 million shares in Saudi Telecom Co., or a 2% stake, according to a statement on Wednesday. Based on the firm’s last closing price, the stake is valued at about $1 billion.

The PIF will remain STC’s largest shareholder post the sale, with a 62% holding.

The fund is the main entity tasked with driving Saudi Arabia’s Vision 2030 program, an initiative ...