The Saudi Public Investment Fund (PIF) has completed the sale of its 10.92-percent stake in the National Gas and Industrialization Company for 491.19 million Saudi riyals (around 131 million U.S. dollars), Saudi media reported on Wednesday.
The shares were sold on Tuesday through a private sale transaction to Jadwa Investment Company, which acted as a manager and bought the stake for "its managed investment funds and its clients' portfolios," local news website Arabian Business reported.
Eyas AlDossari, head of investment advisory at the PIF's MENA Investments Division, said that the sale of stakes in mature companies is a key part of their strategy to reinvest in emerging sectors of the local economy.
"The transaction structure demonstrates the depth of the local institutional investor base in the Saudi capital market," he added.
The PIF is the sovereign wealth fund of Saudi Arabia. It is among the largest sovereign wealth funds in the world with total estimated assets of 700 billion dollars.
It has played a vital role in Saudi Arabia's efforts to diversify its economy, expand its global investment portfolio, and drive initiatives aligned with the goals of the kingdom's Vision 2030, according to PIF.