Saudi Arabia's PIF Reduces Majority Stake in Tadawul Group

Business

November 13th, 8:39am

Asharq Al-Awsat

General view of Riyadh city, in Riyadh, Saudi Arabia, May 7, 2020. REUTERS/Ahmed Yosri

Saudi Arabia's Public Investment Fund has sold a 10% stake in stock exchange operator and owner Saudi Tadawul Group through a secondary share offering, raising 2.3 billion riyals ($612 million), it said in a statement on Sunday. The sovereign wealth fund said it sold 12 million shares through an accelerated bookbuild offering. The fund's remaining stake amounts to 72 million shares or 60% of the company, it said. "This transaction is in line with PIF’s strategy to recycle the fund’s capital and invest in emerging and promising sectors in the local economy," Eyas AlDossari, PIF's head of investment advisory in the Middle East and North Africa Investments Division, was quoted as saying.

from Asharq AL-awsat https://english.aawsat.com/home/article/3984116/saudi-arabias-pif-reduces-majority-stake-tadawul-group