PIF in talks to buy stake in Saudi Tabreed: Report

Logo of Public Investment Fund (PIF)

The Public Investment Fund (PIF) is in talks to buy a stake worth about $250 million in Saudi Tabreed, the local venture of UAE's National Central Cooling Co., Bloomberg reported, citing sources familiar with the matter.

The transaction would give the PIF a significant equity in the district cooling company ahead of a planned initial public offering (IPO) in the next two-to-three years, the sources said.

They added that terms of the agreement are not finalized and may change.

Saudi Tabreed is held jointly by Vision Invest (formerly ACWA Holding), IDB’s Infrastructure Fund II and others, according to data available with Argaam.

Established in 2006, the company operates in developing district cooling systems in the Kingdom, with a current capacity of 751,000 tons of refrigeration.