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 (TABR.DU), 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.
Get the week’s top news delivered directly to your inbox – Sign up for our newsletter
The company provides district cooling services to major urban developments across Saudi Arabia and the Gulf region. In Saudi Arabia, Saudi Tabreed is the exclusive cooling services provider for the Red Sea Project, a flagship mega-project under the kingdom’s Vision 2030 plan to diversify its economy.
It also has long term contracts with Saudi Aramco.
Source: Reuters
Can’t stop reading? Read more
Fund Friday: Top fundraising news in private equity
Fund Friday: Top fundraising news in private equity Aquilius Investment Partners, a...
KKR powers past $723bn AUM on record fundraising and historic investment pace
KKR powers past $723bn AUM on record fundraising and historic investment pace KKR & Co. posted...
Ardian to acquire 90% stake in Centrotherm, boosting European semiconductor portfolio
Ardian to acquire 90% stake in Centrotherm, boosting European semiconductor portfolio Ardian has...