RIYADH: º£½ÇÖ±²¥'s Public Investment Fund plans to sell 10 percent of its stake in the Kingdom's stock exchange operator Saudi Tadawul Group Holding Co. through an accelerated book-building offering.
PIF, which has over $600 billion in assets, is selling 12 million shares in Tadawul Group, according to a bourse filing.
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.Â
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.
The sovereign wealth fund has hired both HSBC º£½ÇÖ±²¥ and Morgan Stanley º£½ÇÖ±²¥ to act as joint global coordinators, as well as Al Rajhi Capital to act as joint book-runner.
