PIF completes ABO to sell 3.3% of Masar at SAR 19.8/share

PIF to divest up to 48 mln shares in Masar

The Public Investment Fund (PIF) successfully completed the accelerated bookbuild offering (ABO) for institutional investors to sell part of its stake, representing 3.3%, in Umm Al Qura for Development and Construction Co. (Masar).

Citigroup Saudi Arabia and SNB Capital are acting as joint global coordinators, together with EFG Hermes KSA — collectively as joint bookrunners for the ABO of the PIF.

In a statement to Tadawul, the company said the final offer price was set at SAR 19.8 per share.

According to data compiled by Argaam, the PIF decided to offer up to 48 million shares of Masar to institutional investors.

The sale was executed through off-market negotiated deals on Nov. 26, before the market opened, in line with the negotiated deals mechanism outlined in the trading and membership procedures issued by Tadawul.

Masar previously floated 130.8 million shares in an IPO on the Main Market (TASI) during the first quarter of this year at SAR 15 per share, with the PIF retaining its full 19.62% stake and not selling any shares at the time.

Masar’s stock closed, on Nov. 25, at SAR 21.98, making the sale price 10% lower.