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RIYADH: ¶¶Òõ¶ÌÊÓƵ’s Public Investment Fund has signed a binding agreement to sell its 10.92 percent stake in National Gas and Industrialization Co. to Jadwa Investment Co. for SR491.19 million ($131 million), according to a bourse filing.   

The transaction is set to be executed as a negotiated deal, following the Saudi Stock Exchange’s trading and membership procedures on Sept. 3, with completion expected by Sept. 5, subject to various conditions and steps.  

The sale involved 8.18 million shares, with GIB Capital serving as the financial advisor to the sovereign wealth fund.  

Earlier in August, ADES Holding Co., with the backing of PIF, announced its plan to go public on the Kingdom’s main stock exchange. 

In a statement, the oil and gas drilling firm revealed its plans to issue 339 million ordinary shares during the public offering, resulting in a 30 percent free float after a combination of existing and newly issued shares are sold. 

PIF, recognized as one of the world’s wealthiest sovereign wealth funds, continues to drive ¶¶Òõ¶ÌÊÓƵ’s economic diversification endeavors as part of Vision 2030. 

The fund, over the course of years, has made several strategic investments, as ¶¶Òõ¶ÌÊÓƵ’s economy moves away from its dependence on oil. 

Furthermore, in August, PIF-owned AviLease, an aviation financing and leasing firm, inked a definitive agreement to acquire Standard Chartered’s aircraft leasing business, which includes Dublin-based Pembroke Group.  

Valued at $3.6 billion, this deal encompassed a portfolio of 100 narrow-body aircraft and granted AviLease servicing rights for an additional 22 aircraft, according to a press statement.