Saudi PIF plans to sell 10% of its stake in Tadawul
Saudi’s Public Investment Fund (PIF) is considering 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.
The Fund has hired HSBC and Morgan Stanley to help sell 12 million shares in Tadawul, the statement said.
The offering is in line with PIF’s strategy of recycling its capital in order to invest in emerging and promising sectors of the local economy, according to a statement.
The price per offer share will be determined through an accelerated book-building process that will begin immediately, and the results will be announced on Friday, Nov. 11.