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FinancialNews
04-09-21
Saudi Arabia’s Public Investment Fund to own 25 percent stake in Emaar Economic City
(MENAFN)Saudi Arabia’s Public Investment Fund is going to own a 25 percent stake in Emaar the Economic City after the sovereign wealth fund controlled debt in the company previously maintained by the Ministry of Finance that was then transformed to shares.
EEC stated in a statement to the Tadawul stock exchange that EEC marked 283.3 million new shares with a rate of SR2.8 billion (USD755.39 million) to PIF to cancel most of the loan.
Asharq reported that the agreement is going to make PIF the largest shareholder in EEC. Diem Modern Real Estate Management held a 16.78 percent stake in the company before the debt conversion that drops to 12.59 percent when the new capital is marked.
For the transaction, Saudi Fransi Capital performed as the financial adviser.
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