GOSI transfers stakes in 30 Tadawul-listed firms to fully-owned subsidiaries

Logo of General Organization for Social Insurance (GOSI)

Hassana Investment Co. (HIC), the investment arm of the General Organization of Social Insurance (GOSI), restructured the organization’s stakes in the Saudi Exchange (Tadawul)--listed companies.

The changes will be reflected on GOSI’s holdings in 30 firms listed under various sectors on Tadawul, effective today, Jan. 13, Hassana said in a statement.

The move came in line with Hassana’s long-term investment strategy, which has been recently reviewed, to go in tandem with changes in GOSI’s investment portfolio, after transferring all assets of the Public Pension Agency (PPA) to GOSI.

Through this restructuring process, GOSI transferred part of its holdings in Tadawul-listed companies to wholly-owned subsidiaries, under the supervision of Hassana. The transfer was completed after obtaining the required regulatory approvals.

Hassana Chief Executive Officer (CEO), Saad Al-Fadly, said the restructuring plan of GOSI’s portfolios aim to achieve its long-term investment strategy and grow GOSI’s investment returns. This move will increase the number of free float shares in the market, which will in turn raise the Saudi market weight on Emerging Market Indices.

Hassana is mulling to mandate capital market institutions to manage some of these assets, Al-Fadly added, noting that these outcomes will contribute to achieving several initiatives for the financial sector development.

HIC is the investment arm of GOSI. It was established in 2014 as a wholly-owned subsidiary of GOSI.