PIF signs SPA to sell 10.92% stake in GASCO to Jadwa Investment for SAR 491.2 mln

The Public Investment Fund (PIF) signed a binding share sale and purchase agreement (SPA) with Jadwa Investment Co. today, Sept. 3, GIB Capital, in its capacity as financial advisor to the PIF, said in a statement to Tadawul. 

Jadwa Investment is acting in its capacity as a manager buying the stake for its managed investment funds and its clients’ portfolios.

Under the agreement, PIF sold its 10.92% stake, or 8,186,455 shares, in National Gas and Industrialization Co. (GASCO) to Jadwa Investment through a private transaction for SAR 491.19 million.

The transaction will be executed as a negotiated deal in accordance with the Saudi Exchange’s (Tadawul) Trading and Membership Procedures today.

The deal completion is subject to a number of conditions. The sale will be completed by Tuesday, Sept. 5.

Source : Argaam