Advertisement
Saudi Arabia's Public Investment Fund raised USD 250 million by selling a 3.3% stake in Umm Al Qura for Development and Construction Company through an accelerated bookbuild of 48 million shares at 19.8 riyals each, a 10% discount from the last close. Umm Al Qura went public earlier this year, raising USD 523 million, and is advancing the Masar redevelopment project in Mecca, valued at 100 billion riyals. The sale reflects PIF's portfolio management strategy and its continued focus on supporting key development projects in the kingdom.
Saudi Arabia's Public Investment Fund (PIF) has raised 950 million riyals (USD 250 million) by selling a 3.3% stake in Umm Al Qura for Development and Construction Company. The transaction was completed through an accelerated bookbuild offering of 48 million shares, with each share priced at 19.8 riyals, reflecting a roughly 10% discount compared with the company's last trading price. Advertisement
Umm Al Qura had earlier raised USD 523 million during its initial public offering in March this year. The company is known for its Masar redevelopment project in Mecca, a large-scale development valued at 100 billion riyals. This project is part of the broader effort to enhance infrastructure and urban development in the holy city. The recent stake sale by PIF is in line with its ongoing strategy to manage its portfolio and optimize liquidity while continuing to support strategic development projects in Saudi Arabia.
Source Reuters
5th Jun, 2025
25th May, 2023
11th May, 2023
27th Apr, 2023
Advertisement
Facebook
Whatsapp
