Saudi Arabia’s Public Investment Fund (PIF) announced it completed the sale of its 10.92 percent stake, versus 8,186,455 shares in the National Gas and Industrialization Company (GASCO), via a private sale transaction for 491.19 US$131 million.
The deal came amid the sovereign wealth fund strategy to recycle its funds.
The shares were sold to Jadwa Investment Company, which bought the stake for its managed investment funds and clients, the PIF.
The PIF has assets of over $594 billion under management, according to the statement.
Eyas AlDossari, Head of Investment Advisory in the MENA Investments Division at PIF, said the sale comes as part of PIF’s strategy to recycle its capital by selling stakes in mature companies and reinvesting such yields in boosting new and potential sectors in the local economy.
If you see something out of place or would like to contribute to this story, check out our Ethics and Policy section.