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Saudi Arabia's Public Investment Fund has completed the sale of its 10.92% stake, corresponding to 8,186,455 shares in the National Gas and Industrialization Company (GASCO), through a private sale transaction, for 491.19 million Saudi riyals ($131 million).
The shares were sold to Jadwa Investment Company, which bought the stake for its managed investment funds and clients, PIF, which has assets under management of over $594 billion, said in a statement.
Eyas AlDossari, Head of Investment Advisory in the MENA Investments Division at PIF, said the sale 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.
(Writing by Brinda Darasha; editing by Seban Scaria)
