The Clap
The Saudi Public Investment Fund (PIF) revealed that it sold a 10% stake, around 12 million shares, of Tadawul Group (1111) to institutional investors.
The Deets
The total value of the sale is SAR 2.3 billion, with the shares being sold at SAR 191 per share. This makes the sale the second-largest accelerated book builder in the Gulf region.
The PIF still holds a 60% stake, or around 72 million shares, in Tadawul Group.
So What
Tadawul Group’s stock fell by more than 9%, the biggest loser during Sunday’s trading session after the PIF announced the conclusion of the deal.
Now What
The agreement is in line with the PIF’s efforts to cut its ownership in some businesses while investing $40 billion locally each year until 2025 to diversify the Saudi economy and support KSA’s projects, such as the city of “NEOM.”
