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Friday, 30 December 2016

Saudi's PIF denies plans to buy stake in UAE's Utico | Reuters

Saudi's PIF denies plans to buy stake in UAE's Utico | Reuters:
"Saudi Arabia's Public Investment Fund (PIF), its top sovereign wealth fund, on Thursday denied that it was buying a stake in United Arab Emirates utility Utico.

"An official at the fund said that the news about entering into a binding agreement with Utico is baseless and unfounded." the official Saudi Press Agency (SPA) reported.

On Wednesday, Utico Chief Executive Richard Menezes told Reuters that the PIF had entered into a binding agreement with his company to buy a "significant minority stake"."

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