Saudi sovereign fund invests indirectly in Arabian Centers IPO: sources - Reuters:
Saudi Arabia’s Public Investment Fund (PIF), the kingdom’s sovereign wealth fund, has indirectly invested in the $747 million initial public offering of mall operator Arabian Centers, sources familiar with the matter said.
PIF has made the investment through institutional funds and will not have a direct stake in Arabian Centers, one of the sources said, although the investment represents strong government support for the IPO, a second source told Reuters.
The IPO of Arabian Centers, majority-owned by Fawaz Alhokair Group, is the first in the kingdom under Rule 144a, which allows the sale of securities primarily to qualified institutional buyers in the United States.
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