Saudi Arabia’s Public Investment Fund (PIF) has acquired a 30% stake in cooling company Saudi Tabreed through a private placement of shares, according to a bourse filing on Wednesday.
The sale is subject to completion procedures.
United Arab Emirates-listed National Central Cooling Company, known as Tabreed, has also boosted its stake in the Saudi venture to 21.8% after acquiring additional shares from Al Mutlaq Group for Industrial Investments for 55 million Saudi riyals ($14.63 million), the bourse filing said.
On Tuesday, Bloomberg News reported that the PIF’s stake in Saudi Tabreed could be worth about $250 million.
The company provides district cooling services to major urban developments across Saudi Arabia and the Gulf region. In Saudi Arabia, Saudi Tabreed is the exclusive cooling services provider for the Red Sea Project, a flagship mega-project under the kingdom’s Vision 2030 plan to diversify its economy. It also has long term contracts with Saudi Aramco.
Source: Reuters.com