Saudi Arabia’s Hassana Investment buys 4.99 pct in Jahez International

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Hassana Investment Company, an investment arm of Saudi Arabian government agency the General Organization of Social Insurance, has acquired a 4.99 percent stake in Jahez International for Information Systems Technology, Al Arabiya television reported on Thursday.

Jahez International plans to list on the parallel market called Nomu and the offering period will start on Dec. 23 and end Dec. 26, the television channel added. It did not did not disclose the value of the deal.

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The Saudi Capital Market Authority on Wednesday approved 18 percent of the company shares for an initial public offering.

On Monday, Saudi Aramco said it has signed a $15.5 billion lease-and-leaseback deal for its gas pipeline network with a consortium led by BlackRock Real Assets and state-backed Hassana Investment Co.

Gulf oil producers are looking at sales of stakes in energy assets and raising cash through long-term leases, capitalizing on a rebound in crude prices to attract foreign investors.

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