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PIF to offload stake in Mecca project developer
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PIF to offload stake in Mecca project developer
The Public Investment Fund (PIF) will sell 3.3 percent of its stake in Saudi-listed Umm Al Qura for Development and Construction Company through an accelerated bookbuild offering. The Saudi sovereign wealth fund will sell up to 48 million shares in the builder of the SAR100 billion ($27 billion) Masar, a mixed-use project in Mecca, to institutional investors. Pricing was to be finalised through the bookbuilding on Tuesday, Citigroup, SNB Capital…
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