Sovereign fund PIF considers Saudi Telecom stake sale, sources say | Reuters
Saudi Arabia’s Public Investment Fund (PIF) is considering divesting part of its stake in Saudi Telecom, sources close to the matter told Reuters, as the sovereign wealth fund seeks to monetise some of its assets.
The fund, which holds $430 billion of assets, has hired Goldman Sachs and Saudi National Bank’s (SNB) investment banking arm to arrange a transaction, three sources said, declining to be named because the matter was not public.
PIF plans to double its assets to 4 trillion riyals ($1.07 trillion) by 2025, Saudi Arabia’s Crown Prince Mohammed Bin Salman said in January, crystalising gains on mature assets to make new investments.
One of the sources said the amount being considered for the Saudi Telecom deal is significant but was unable to disclose the value or size of the potential stake sale.
The PIF and Goldman Sachs declined to comment while Saudi Telecom and SNB did not immediately respond to requests for comment.
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