Saudi Arabia’s PIF sells 10% stake in Tadawul Group

Saudi Arabia’s Public Investment Fund has sold a 10 per cent 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 per cent 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.