Riyadh – Mubasher: Saudi Telecom Company (stc) has appointed banks to arrange a potential initial public offering (IPO) of shares in Solutions by STC, the company’s products and services development arm, Reuters reported on Sunday citing three sources familiar with the matter.

The Saudi largest telecoms operator has hired HSBC, Morgan Stanley, and the National Commercial Bank (NCB) to advise on the sale.

During the third quarter (Q3) of 2020, stc achieved SAR 2.8 billion in net profits, up by 0.7% on a year-on-year (YoY) basis.