PIF says selling 12 mln shares in Tadawul Group part of capital recycle

Logo of Public Investment Fund (PIF)

The Public Investment Fund's (PIF) sale of 12 million shares in Saudi Tadawul Group Holding Co. (Tadawul Group) comes in line with the fund's strategy to recycle its capital, said Eyas AlDossari, Head of MENA Investment Advisory at PIF.

He added that the program aims to invest in emerging and promising sectors in the local economy.

"The success of this transaction is a testament to the attractiveness of the Saudi capital market and demonstrates investors’ confidence in the strength of the Saudi economy," AlDossari said.

He added that the deal also contributes to increasing the company’s free float shares, enhancing the liquidity of the market for both local and international investors. In addition, the sale is expected to contribute to value creation for both Tadawul Group shareholders and the Saudi market in general.

On Nov. 10, PIF announced the launch of an accelerated book-building process to sell 12 million shares, or 10% of Tadawul Group's share capital, to institutional investors, according to data available with Argaam.

Tadawul Group registered 544 negotiated deals on its shares before the market opening today, Nov. 13, for a total value of SAR 2.29 billion.

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