DUBAI, Nov 13 (Reuters) - Saudi Arabia's sovereign

wealth fund PIF is selling an around 2% stake in the country's

telecom group STC, the banks running the deal said on

Wednesday, in a deal that could raise as much as $1.1 billion.

Goldman Sachs and Saudi National Bank said in a

statement that the price for the offering, which comprises

around 100 million shares, will be determined through an

accelerated book building and that the final results will be

announced on Thursday.

The share sale could raise as much as $1.1 billion for PIF

based on STC's share price of 41.1 riyals ($10.94) at closing on

Wednesday.

PIF will keep a stake of 62% in STC after the offering,

which will not generate any proceeds for the company, the banks

added.

($1 = 3.7573 riyals)