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DUBAI, Nov 13 (Reuters) – Saudi Arabia’s Public
Funding Fund has offered a ten% stake in inventory alternate operator
and proprietor Saudi Tadawul Group via a secondary share
providing, elevating 2.3 billion riyals ($612 million), it mentioned in
a press release on Sunday.
The sovereign wealth fund with over $600 billion in belongings
mentioned it offered 12 million shares via an accelerated bookbuild
providing. The fund’s remaining stake quantities to 72 million
shares or 60% of the corporate, it mentioned.
“This transaction is according to PIFs technique to recycle
the funds capital and spend money on rising and promising sectors
within the native economic system,” Eyas AlDossari, PIF’s head of funding
advisory within the Center East and North Africa Investments
Division, was quoted as saying.
PIF is the principle engine of Crown Prince Mohammed bin Salman’s
Imaginative and prescient 2030 plan to wean the economic system off its dependence on oil.
It offered a 6% stake in Saudi Telecom (STC) for 12 billion
riyals ($3.2 billion) in December final yr.
($1 = 3.7590 riyals)
(Reporting by Hadeel Al Sayegh;Enhancing by Elaine Hardcastle)
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