Saudi Arabia's PIF reduces majority stake in Saudi Tadawul Group

A Saudi man walks past the sign of the Future Investment Initiative during the last day of the investment conference in Riyadh, Saudi Arabia October 25, 2018. REUTERS/Faisal Al Nasser/

DUBAI, Nov 13 (Reuters) - Saudi Arabia's Public Investment Fund has sold a 10% stake in stock exchange operator and owner Saudi Tadawul Group through a secondary share offering, raising 2.3 billion riyals ($612 million), it said in a statement on Sunday.

The sovereign wealth fund with over $600 billion in assets said it sold 12 million shares through an accelerated bookbuild offering. The fund's remaining stake amounts to 72 million shares or 60% of the company, it said.

"This transaction is in line with PIF’s strategy to recycle the fund’s capital and invest in emerging and promising sectors in the local economy," Eyas AlDossari, PIF's head of investment advisory in the Middle East and North Africa Investments Division, was quoted as saying.

PIF is the main engine of Crown Prince Mohammed bin Salman's Vision 2030 plan to wean the economy off its dependence on oil.

It sold a 6% stake in Saudi Telecom (STC) for 12 billion riyals ($3.2 billion) in December last year.

($1 = 3.7590 riyals)

Reporting by Hadeel Al Sayegh;Editing by Elaine Hardcastle

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