Saudi Arabia’s PIF to sell 10% stake in Tadawul Group

Saudi Arabia’s PIF to sell 10% stake in Tadawul Group

Saudi Arabia's Public Investment Fund (PIF) is selling a 10% stake in Saudi Tadawul Group, the owner and operator of the kingdom's stock exchange, via an accelerated bookbuild offering, according to a regulatory filing on Thursday.

PIF, a sovereign wealth fund with over $600 billion in assets, has hired HSBC and Morgan Stanley to help sell 12 million shares in Tadawul, 10% of the company's issued share capital.

"The offering is in line with PIF's strategy to recycle its capital and invest in emerging and promising sectors in the local economy," PIF said in the statement.

The offer price will be determined on Friday and the sale will be executed through off-market negotiated deals before the market opens, it said.

(Reporting by Hadeel Al Sayegh; Editing by Jan Harvey)

Disclaimer: The content of this article is syndicated or provided to this website from an external third party provider. We are not responsible for, and do not control, such external websites, entities, applications or media publishers. The body of the text is provided on an “as is” and “as available” basis and has not been edited in any way. Neither we nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in