The Saudi Public Investment Fund announced today the completion of the sale of part of its stake in Umm Al Qura Development and Construction Company (Masar), through an accelerated book-building process.
48 million shares, representing 3.3% of Masar’s capital, were offered, with a total offering value of more than 950 million Saudi riyals (more than 253 million dollars), and the final offering price was set at 19.8 Saudi riyals per share.
The offering witnessed interest from local and international investment institutions, and the applications exceeded the total size of the offering.
After the sale, the fund owns 234.3 million shares in Masar, or 16.3% of the company’s capital.
