Saudi Tadawul Group added to three FTSE Russell Indices
COMMERCIAL NEWS
Saudi Tadawul Group, a leading diversified capital markets group in the Mena region, has been included in three FTSE Russell indices.
FTSE Russell is a leading global index provider of benchmarks, analytics and data solutions.
The group is now included in the FTSE All-World Index, the FTSE Global Mid Cap Index and the FTSE Emerging Index. The inclusion follows the recent secondary offering of the group’s shares by the Public Investment Fund of Saudi Arabia (PIF), which increased the group’s free float, enhancing liquidity for both local and international investors.
PIF stake sale
On November 13, 2022, the PIF announced the successful completion of the sale of part of its stake in Saudi Tadawul Group through an Accelerated Bookbuild Offering (ABO). PIF successfully sold 12 million shares of its shareholding in the group, representing 10% of the group’s share capital.
The offering size was SR2.3 billion ($610 million), making it the second largest ABO to ever take place in the Saudi market and the GCC region. PIF’s remaining stake equates to 72 million shares or 60% of the group’s share capital.-- TradeArabia News Service
