- PIF has completed the sale of its 10.92% stake in the National Gas and Industrialization Company through a private sale transaction for SAR 491.19 Million to Jadwa Investment Company (acting on behalf of investment funds and clients’ portfolios)
- The 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 Public Investment Fund (PIF) announces the completion of the sale of its 10.92% stake, corresponding to 8,186,455 shares in the National Gas and Industrialization Company (“GASCO” or the “Company”), through a private sale transaction, for SAR 491.19 Million (the “Transaction”). Jadwa Investment Company acted in its capacity as a manager and bought the stake for its managed investment funds and its clients’ portfolios.
Eyas AlDossari, Head of Investment Advisory in the MENA Investments Division at PIF, said: “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.”
ABOUT PIF:
The Public Investment Fund (PIF) is one of the largest and most impactful sovereign wealth funds in the world. Since 2015, when the Board was reconstituted and oversight transferred to the Council of Economic and Development Affairs, the Fund’s board of directors has been chaired by His Royal Highness Crown Prince Mohammad bin Salman bin Abdulaziz, Prime Minister, Chairman of the Council of Economic and Development Affairs, and Chairman of the Public Investment Fund. PIF a leading role in advancing Saudi Arabia’s economic transformation and diversification, as well as contributing to shaping the future of the global economy. Since 2017, PIF has established 87 companies. PIF is building a diversified portfolio by entering into attractive and long-term investment opportunities in 13 strategic sectors in Saudi Arabia and globally. PIF’s strategy, as set out in the PIF Program 2021-2025 – one of the Vision 2030 realization programs – aims to enable many promising sectors and contribute to increasing local content by creating partnerships with the private sector, in addition to injecting at least 150 billion riyals annually into the local economy. PIF works to transfer technologies and localize knowledge to build a prosperous and sustainable economy domestically. As the investment arm Saudi Arabia, PIF looks to make unique investments, and is building strategic alliances and partnerships with prestigious international institutions and organizations, which contribute to achieving real long-term value for Saudi Arabia, in line with the objectives of Vision 2030. PIF has also created an operational governance model that reflects its main tasks and objectives, in line with best international practices. Applying this model of governance enhances the level of transparency and effectiveness in decision-making and future progress.
This announcement is issued by the Public Investment Fund (the “Seller”) for background information only and no representation or warranty, express or implied, is made by the Seller or any of its directors, officers, employees, representatives, advisers or agents or any other person or entity as to the fairness, reasonableness, adequacy, accuracy or completeness of the information, statements or opinions contained in this announcement. In issuing this announcement, the Seller, its representatives, directors, officers, employees, advisers and agents undertake no obligation to provide the recipient with access to any additional information or to update this document or to correct any inaccuracies therein which may become apparent.
This announcement is not intended to, and does not, constitute or form part of any offer, invitation or the solicitation of an offer to purchase, otherwise acquire, subscribe for, sell or otherwise dispose of, any securities in any jurisdiction. This announcement should not be considered as a recommendation by any member of the Seller or any of its representatives, directors, officers, employees, advisers or agents to purchase, acquire, subscribe for, sell or otherwise dispose of any securities in GASCO and recipients are recommended to seek their own financial, legal, tax and other advice, and are expected to adopt their own decisions without basing themselves on this announcement.
