Saudi wealth fund raises $610m in stock exchange sale

Saudi wealth fund raises $610m in stock exchange sale

Riyadh: Saudi Arabia’s sovereign wealth fund raised 2.29 billion riyals ($610 million) from the sale of a 10 per cent stake in the kingdom’s stock exchange as part of its plans to pare down holdings in some of the country’s biggest companies and fund other investments. The Public Investment Fund sold 12 million shares in Tadawul Group Holding at 191 riyals each, a 9 per cent discount to their last closing price. Investors put in orders for all the stock on offer within an hour of the books opening on Thursday, the latest example of strong demand for share sales in the Middle East. The fund is at the center of a plan, known as Vision 2030, to diversify Saudi Arabia’s economy. As part of these efforts, it’s pushing ahead with plans to reduce its stakes in some of the kingdom’s biggest companies, Bloomberg News reported last month. The PIF, chaired by the Crown Prince Mohammed Bin Salman, plans to invest $40 billion locally a year until 2025 and help bankroll ambitious projects, including Neom - a $500 billion city intended to attract new industries. It has also plowed billions of dollars into stock markets and assets globally. The fund