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PIF Buying 30% Stake in Saudi Tabreed

The Public Investment Fund (PIF) logo
The Public Investment Fund (PIF) logo
    Asharq A-Awsat
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PIF Buying 30% Stake in Saudi Tabreed

The Public Investment Fund (PIF) logo
The Public Investment Fund (PIF) logo

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.

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Saudi Market Closes at Highest Level in a Month at 11,068 Points

An investor walks past a screen displaying information on the Saudi stock market in Riyadh (Reuters)
An investor walks past a screen displaying information on the Saudi stock market in Riyadh (Reuters)
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Saudi Market Closes at Highest Level in a Month at 11,068 Points

An investor walks past a screen displaying information on the Saudi stock market in Riyadh (Reuters)
An investor walks past a screen displaying information on the Saudi stock market in Riyadh (Reuters)

Saudi Arabia’s main stock index (TASI) rose on Thursday by about 94.29 points, or 0.86%, closing at 11,068.27 points, its highest level in over a month. Trading liquidity reached SAR5.7 billion (approximately $1.5 billion), marking the biggest weekly gains in two years.

Shares of Saudi Aramco, the heaviest-weighted stock in the index, advanced 0.66% to 24.30 riyals.

In the banking sector, Al Rajhi Bank and Saudi National Bank shares climbed 0.85% and 0.98% respectively, closing at 94.7 riyals and 36 riyals.

Mining giant Ma’aden and petrochemical company SABIC saw their shares rise by 0.39% and 0.73%, ending the session at 50.9 riyals and 54.9 riyals respectively.

ADES Holding led the gainers, jumping 7% to 13.82 riyals, followed by Gypsum Co. (Jebsco), which rose 5.6% to 22.4 riyals.

On the other hand, newly listed SMC Health Care recorded the steepest decline, falling 3.3% to 23.36 riyals, while shares of Mutawareh dropped 2.5% to 26.75 riyals.

Meanwhile, the Saudi Parallel Market Index (Nomu) rose 0.8%, closing at 27,053.1 points. Trading value on Nomu reached 23.5 million riyals, with 3.2 million shares changing hands.