Saudi wealth fund plans to sell 10% stake in stock exchange

Saudi wealth fund plans to sell 10% stake in stock exchange

Saudi wealth fund plans to sell 10% stake in stock exchange

November 10 2022 10:35 PM



A Saudi woman walks at the Saudi stock market (Tadawul) in Riyadh (file). Based on the closing price of 209.60 riyals yesterday, the deal could raise about 2.52bn riyals ($669mn).



Bloomberg/Riyadh

Saudi Arabia’s sovereign wealth fund is selling an additional 10% stake in the kingdom’s stock exchange, pushing ahead with plans to reduce its holdings in some of the country’s biggest companies and raise funds for investments.

The Public Investment Fund is offering 12mn shares in Saudi Tadawul Group Holding, according to a statement. Based on the closing price of 209.60 riyals yesterday, the deal could raise about 2.52bn riyals ($669mn). The price will be determined through an accelerated book-building process, which started immediately and the results will be announced today.

Investors put in orders for all the stock on offer less than an hour after the books opened, according to terms of the deal seen by Bloomberg News.

The sale comes almost a year after the stock exchange went public in a $1bn initial public offering in which the PIF sold a 30% stake. The shares have almost doubled since. Last year, the wealth