The Public Investment Fund (PIF), Saudi Arabia’s sovereign wealth fund, announces the completion of the sale of its 10.92 per cent stake, corresponding to 8,186,455 shares, in the National Gas and Industrialisation Company (GASCO) through a private sale transaction, for SR491.19 million ($130.95 million).

Jadwa Investment Company acted as a manager and bought the stake for its managed investment funds and its clients’ portfolios.

Eyas AlDossari, Head of Investment Advisory in the MENA Investments Division at PIF, said: "This transaction comes as part of PIF’s strategy to recycle its capital by selling stakes in mature companies and reinvesting such proceeds in developing new and promising sectors in the local economy. The transaction structure demonstrates the depth of the local institutional investor base in the Saudi capital market."