PIF offers 48M shares of Masar to institutional investors

Logo of Public Investment Fund (PIF)

The Public Investment Fund (PIF) launched an accelerated bookbuild offering (ABO) to offload up to 48 million shares (or 3.3%) of TASI-listed Umm Al Qura for Development and Construction Co. (Masar) to institutional investors.

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 (the selling shareholder), according to an official statement today, Nov. 25.

The final offer price will be determined through the ABO, which will begin immediately. The offering outcomes, including the final number of shares and the offer price, will be announced by tomorrow, Nov. 26.

The shares will be sold via off-market negotiated deals on Nov. 26, which will be executed pre-market opening, in accordance with the relevant requirements and procedures.

The offering targets institutional investors in Saudi Arabia, including eligible qualified foreign investors and swap beneficiaries, as well as institutional investors from GCC countries.

Following the sale, the PIF's residual holding, which amounts to about 16.3%, will be subject to a 90-day contractual lock-up period. The fund’s pre-offering stake was 19.62% (282.3 million shares).

The company noted that Masar will not receive any proceeds from the offering, nor will the ownership of other shareholders be diluted.

Masar’s stock closed today’s trading at SAR 21.98, down 2.7%.

During the first quarter of 2025, Masar conducted an initial public offering (IPO) of 130.8 million shares on the Main Market (TASI) at SAR 15 per share. The PIF retained its full 19.62% holding and did not sell any portion during that subscription.