PIF completes sale of stake in GASCO

Logo of the Public Investment Fund (PIF)

The Public Investment Fund (PIF) announced today, Sept. 5, the completion of the sale of its 10.92% stake, or 8.19 million shares, in National Gas and Industrialization Co. (GASCO).

The process was completed through a private sale transaction, for SAR 491.19 million, the PIF said in a statement. Jadwa Investment Co. acted in its capacity as a manager and bought the stake for its managed investment funds and its clients’ portfolios.

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, the fund added.