Saudi Arabia wealth find PIF reduces majority stake in Saudi Tadawul Group

Saudi Arabia’s Public Investment Fund has sold a 10 percent 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 with over $600 billion in assets said it sold 12 million shares through an accelerated bookbuild offering. The fund’s remaining stake amounts to 72 million shares or 60 percent of the company, it said.

For the latest headlines, follow our Google News channel online or via the app.

“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.

PIF is the main engine of Crown Prince Mohammed bin Salman’s Vision 2030 plan to wean the economy off its dependence on oil.

It sold a 6 percent stake in Saudi Telecom (STC) for 12 billion riyals ($3.2 billion) in December last year.

Read more: Saudi Arabia progresses with its 2030 climate action plan: Energy Minister