Tadawul clarifies mechanism for planned PIF share sale in Masar

Logo of Umm Al Qura for Development and Construction Co.

Saudi Tadawul Group Holding Co. (Tadawul Group) said the negotiated deals related to the Public Investment Fund’s (PIF) planned sale of part of its stake in Umm Al Qura for Development and Construction Co. (Masar), announced today, Nov. 25, will be carried out in accordance with the current framework for negotiated deals.
 

It will be also carried out in line with the following considerations:
 

Tadawul will facilitate the process by activating a pre-opening auction session dedicated exclusively to negotiated deals for Masars shares on Nov. 26.
 

Negotiated deals will be available only to market members participating in the process, who may submit negotiated-deal orders solely for Masar shares (Tadawul symbol: 4325).
 

Regular market hours for all listed securities will continue as usual, with the opening auction scheduled for 9:30 am. Negotiated deals executed during the new pre-opening session on Nov. 26, will be reflected on the “Negotiated Deals” page on Tadawul website.
 

Earlier today, PIF launched an accelerated bookbuild offering (ABO) to offload up to 48 million shares, representing 3.3% of Masar’s issued capital, to institutional investors.
 

Citigroup Saudi Arabia and SNB Capital are acting as joint global coordinators, alongside EFG Hermes KSA, with the three entities collectively serving as joint bookrunners for the ABO of the PIF (the selling shareholder).
 

The final offer price will be determined through the ABO, which begins immediately. The results of the offering — including the final number of shares sold and the offer price — will be announced by Nov. 26.
 

The shares will be sold via off-market negotiated deals on Nov. 26 before market opening, in accordance with the relevant requirements and procedures set by Tadawul.