Banking & Finance PIF raises $612m as it reduces stake in Saudi bourse owner By Reuters November 14, 2022 REUTERS/Faisal Al Nasser PIF sold 12 million shares through an accelerated book-build offering in Saudi Tadawul Group Saudi Arabia’s Public Investment Fund (PIF) has sold a 10 percent stake in stock exchange operator and owner Saudi Tadawul Group through a secondary share offering, raising SAR 2.3 billion ($612 million), it said in a statement on Sunday. The sovereign wealth fund with over $600 billion in assets said it sold 12 million shares through an accelerated bookbuild offering. The fund’s remaining stake amounts to 72 million shares or 60 percent of the company, it said. “This transaction is in line with PIF’s strategy to recycle the fund’s capital and invest in emerging and promising sectors in the local economy,” Eyas AlDossari, PIF’s head of investment advisory in the Middle East and North Africa Investments Division, was quoted as saying. PIF is the main engine of Crown Prince Mohammed bin Salman’s Vision 2030 plan to wean the economy off its dependence on oil. It sold a six percent stake in Saudi Telecom for SAR 12 billion ($3.2 billion) in December last year.