Saudi sovereign wealth fund PIF reduces majority stake in local stock exchange operator

Saudi sovereign wealth fund PIF reduces majority stake in local stock exchange operator

Riyadh, Saudi Arabia. Photo by Hala AlGhanim on Unsplash

Saudi Arabia’s Public Investment Fund has sold a 10% stake in stock exchange operator and owner Saudi Tadawul Group through a secondary share offering, raising 2.3 billion riyals ($612 million), it said in a statement on Sunday.

The sovereign wealth fund with over $600 billion in assets said it sold 12 million shares through an accelerated bookbuild offering. The fund’s remaining stake amounts to 72 million shares or 60% of the company, it said.

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