Saudi Telecom Company (STC), the Gulf's largest telecommunications operator by market value, said on Tuesday it had completed a 2 billion riyal ($533 million), 10-year debut sukuk issue.

The issue, which was almost two times oversubscribed, carried a floating profit rate of 70 basis points over the three-month Saudi interbank offered rate, currently at 0.9525 percent.

Government investors, banks, asset managers and insurance companies bought the sukuk, the statement added.

JP Morgan Chase, Standard Chartered and the investment banking arm of Saudi Arabia's National Commercial Bank managed the issue, which was part of a 5 billion riyal sukuk programme established last month.  -Reuters