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  • 22-12-22

    Saudi PIF possesses 30 percent share in region cooling provider Saudi Tabreed

    (MENAFN) Saudi Arabia's Public Investment Fund has possessed a 30 percent share in the Saudi Tabreed, a subsidiary of the UAE-registered National Central Cooling Co., recognized as Tabreed, via a private placement of stakes, as said by a bourse filing in Dubai.

    In a distinct regulatory filing to the Dubai Financial Market, where Tabreed stakes are sold, the region cooling supplier stated that it has also achieved a purchase agreement of extra stakes in Saudi Tabreed from Al Mutlaq Group for Industrial Investments with the worth of SR55 million (USD14.62 million).

    After this agreement, Tabreed's current shareholding in Saudi Tabreed is going to amount to 21.8 percent, the filing also said.

    The firm didn’t reveal the worth of the share possessed by PIF; however, a Bloomberg report mentioned that it is forecasted to be valued at USD250 million.

    The PIF has been surging its funds in sustainable ventures, and with this possession, the wealth investment is set to have a noticeable holding in the region cooling firm.

    MENAFN22122022000045014228ID1105340853

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