On Thursday, the fund announced the start of selling an additional share of the Tadawul Group, in a private offering to the institutional investors category, after it had previously sold 30% of the company’s shares in an initial public offering less than a year ago.
The Public Investment Fund said that its ownership in the company after the sale is now 60 percent of the group’s capital, while 40 percent of the total shares are freely traded.
He explained that “the sale is in line with the fund’s strategy to recycle its capital and invest in emerging and promising sectors in the local economy.”
The Public Investment Fund had sold a 30% stake in “Tadawul” in an initial public offering, last year, and raised one billion dollars from it. The initial public offering was priced at 105 riyals per share, at the highest price range, and the company was listed on the Saudi market in December. The stock closed at 209.80 on Wednesday.
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