Saudi Arabia's stock market regulator has approved Integrated Telecommunication Company's (ITC) plan to offer 35% of its shares in an IPO on the Saudi Stock Exchange, according to a report from Reuters.
ITC will offer 35% of its shares at SAR10 ($2.7) a share between May 2 and May 8, according to a statement from the stock market regulator, the Capital Markets Authority (CMA).
ITC, a Riyadh-based telecom provider established in 2005, will offer in total 35 million shares, 5 million of which will be allocated to the General Organisation for Social insurance, the CMA statement said.
ITC operates the Saudi National Fiber Network (SNFN), a 16,000km cable system that connects the country's major cities. It also operates two international landing stations in Al Khobar and Jeddah, which connect KSA to the rest of the world via submarine cables.