The General Organization for Social Insurance (GOSI), which oversees the kingdom's national insurance scheme, has divested stakes in several Tadawul-listed companies to invest in Hassana Investment Co. (HIC), Alriyadh newspaper reported, citing HIC chief executive Saad bin Abdul Mohsen Al-Fadhli.
The move is part of HIC’s ownership restructuring plan and comes after it reduced its holdings in several Saudi companies, according to data published by Argaam.
In 2009, the Saudi cabinet had approved the establishment of HIC as a state-owned joint stock company that would be fully owned by GOSI. It was used as an investment vehicle for the organization to buy and sell in local, regional, and international stock markets. It also established real estate, commercial, and trade projects.
GOSI holds stakes in several blue-chip Saudi firms including Al Rajhi, the country’s second largest-listed bank, Saudi Basic Industries Corp. (SABIC), Saudi Telecom Co. (STC), and Saudi Arabian Fertilizer Co. (SAFCO).
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