Yazeed Alhumied, PIF Deputy Governor and Head of MENA Investments
Saudi Arabia's Public Investment Fund (PIF) has a successful experience in listing some of its subsidiaries, Al Riyadh newspaper reported, citing Yazeed Alhumied, Deputy Governor and Head of MENA Investments.
He added that the fund's local portfolio includes several companies that are in advanced stages, entitling them for public subscription.
Several subsidiaries made progress in preparing for the initial public offering (IPO), which is a comprehensive preparatory process that includes the completion of financial and legal studies and obtaining regulatory approvals in the sector and from the Capital Market Authority (CMA).
ACWA Power recently obtained the CMA's approval to float some of its shares, the official said, adding that the fund plans to offer other companies such as Saudi Tadawul Group and Elm.
PIF aims to be an active participant in the Saudi market by listing its subsidiaries, after ensuring their readiness. This will support the development of the Saudi Exchange (Tadawul) through increasing market capitalization and raising the number of listed companies.
Alhumied further added that the fund always seeks to boost value and finds investments with new growth opportunities for its subsidiaries, in addition to applying the best international practices at all stages of direct investment.
There are five specialized committees to review all investment decisions, starting from the stage of seizing the investment opportunities and ending in a sale, as the asset reaches maturity, he concluded.
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