Saudi PIF said to mull stake sales to diversify overseas

15/11/2016 Argaam

Saudi Arabia's Public Investment Fund (PIF) is considering selling stakes in local firms to raise funds for overseas expansion and asset diversification, Bloomberg reported on Monday citing unnamed people.

 

The sovereign wealth fund is expected to maintain controlling stakes in Saudi firms despite the planned sale, the sources added.

 

Saudi Arabia had earlier announced a plan to expand its sovereign fund into the world’s largest by transferring ownership of major oil producer Saudi Aramco to the fund.

 

PIF owns stakes in several Tadawul-listed and unlisted firms. It is the major shareholder in 19 Saudi-listed firms, mainly Saudi Basic Industries Corp (SABIC), National Commercial Bank (NCB), Samba Fiancial Group, Saudi Telecom Co. (STC) and Saudi Arabian Mining Co. (Maaden), according to Argaam data. 

 

PIF shareholding in Saudi-listed companies

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