PIF announces the completion of the sale of its stake in National Gas and Industrialization Company
Press Releases
05
September
2023
Riyadh, KSA
- PIF has completed the sale of its 10.92% stake in the National Gas and Industrialization Company through a private sale transaction for SAR 491.19 Million to Jadwa Investment Company (acting on behalf of investment funds and clients’ portfolios)
- The Transaction comes as part of PIF’s strategy to recycle its capital by selling stakes in mature companies and reinvesting such proceeds in developing new and promising sectors in the local economy
RIYADH, September 5, 2023 – The Public Investment Fund (PIF) announces the completion of the sale of its 10.92% stake, corresponding to 8,186,455 shares in the National Gas and Industrialization Company (“GASCO” or the “Company”), through a private sale transaction, for SAR 491.19 Million (the “Transaction”). Jadwa Investment Company acted in its capacity as a manager and bought the stake for its managed investment funds and its clients’ portfolios.
Eyas AlDossari, Head of Investment Advisory in the MENA Investments Division at PIF, said: “This Transaction comes as part of PIF’s strategy to recycle its capital by selling stakes in mature companies and reinvesting such proceeds in developing new and promising sectors in the local economy. The Transaction structure demonstrates the depth of the local institutional investor base in the Saudi capital market.
Eyas AlDossari, Head of Investment Advisory in the MENA Investments Division at PIF, said: “This Transaction comes as part of PIF’s strategy to recycle its capital by selling stakes in mature companies and reinvesting such proceeds in developing new and promising sectors in the local economy. The Transaction structure demonstrates the depth of the local institutional investor base in the Saudi capital market.
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