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Traders work at the Alistithmar Capital in Riyadh July 8, 2008.
Saudi Arabia-based The Industrialization and Energy Services Company, also known as TAQA, said it has completed the sale of its stake in Air Liquide Arabia Limited Company, with proceeds exceeding 600 million riyals ($160 million).
"This transaction is in line with TAQA's strategy to rationalize our non-core portfolio and divest investments that are not in line with our growth plan, the proceeds will enable us to further invest in growing our core organically and acquire more technologies to further enhance TAQA Well Solutions offering," CEO Khalid Nouh said in a statement.
TAQA, which provides technical services for the energy industry, is 54% owned by the kingdom's sovereign wealth fund, the Public Investment Fund.
(Writing by Brinda Darasha; editing by Daniel Luiz)
