Saudi’s Public Investment Fund (PIF) is considering selling a 10% stake in Saudi Tadawul Group, the owner and operator of the Kingdom’s stock exchange, via an accelerated bookbuild offering, according to a regulatory filing on Thursday.
The Fund has hired HSBC and Morgan Stanley to help sell 12 million shares in Tadawul, the statement said.
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The offering is in line with PIF’s strategy of recycling its capital in order to invest in emerging and promising sectors of the local economy, according to a statement.
The price per offer share will be determined through an accelerated book-building process that will begin immediately, and the results will be announced on Friday, Nov. 11.
