RIYADH: Saudi Arabia’s Public Investment Fund has finalzied the sale of its 10.92 percent stake in the National Gas and Industrialization Co. for SR491 million ($131 million) to Jadwa Investment Co.
Eyas Al-Dossari, head of investment advisory in the MENA Investments Division at PIF, said: “This transaction comes as part of PIF’s strategy to recycle its capital by selling stakes in mature companies and reinvesting such proceeds in developing new and promising sectors in the local economy.
“The transaction structure demonstrates the depth of the local institutional investor base in the Saudi capital market.”Jadwa Investment Co. acted in its capacity as a manager and bought the stake for its managed investment funds and its clients’ portfolios.fund
Source: Arab News
