RIYADH: Shares in Saudi Tadawul Group Holding Co., the owner of the Kingdom’s bourse, declined almost 10 percent, after the final offer price for the sale of a 10 percent stake in the company was set at SR191 ($51) per share.
The stock market operator saw its share price reach SR188.80 at the end of Sunday’s trading session, against a share price of SR209.60 at the end of the previous session.
The PIF, which has over $600 billion in assets, offered 12 million shares in Tadawul Group, according to a bourse filing.
The offering is in line with the PIF’s strategy of recycling its capital in order to invest in emerging and promising sectors of the local economy.
Last year, the PIF sold a 30 percent stake in Tadawul in a $1 billion initial public offering, doubling its share value.