Saudi Arabia's Public Investment Fund (PIF) has acquired a 30% stake in cooling company Saudi Tabreed through a private placement of shares, according to a bourse filing on Wednesday.
The sale is subject to completion procedures.
United Arab Emirates-listed National Central Cooling Company, known as Tabreed, has also boosted its stake in the Saudi venture to 21.8% after acquiring additional shares from Al Mutlaq Group for Industrial Investments for 55 million Saudi riyals ($14.63 million), the bourse filing said.
On Tuesday, Bloomberg News reported that the PIF's stake in Saudi Tabreed could be worth about $250 million.
The company provides district cooling services to major urban developments across Saudi Arabia and the Gulf region.
