Meed | PIF completes sale of Gasco stake for $131m

PIF completes sale of Gasco stake for $131m

8 September 2023

The Public Investment Fund (PIF), Saudi Arabia’s sovereign wealth fund, has completed the sale of its 10.92 per cent stake – corresponding to 8,186,455 shares – in National Gas & Industrialisation Company (Gasco) in a transaction valued at SR491.19m ($131m).

Riyadh-based Jadwa Investment Company acted as manager and bought the stake for its investment funds and clients’ portfolios, PIF said in a statement.

“This transaction comes as part of PIF’s strategy to recycle its capital by selling stakes in mature companies and reinvesting such proceeds in developing new and promising sectors in the local economy,” Eyas al-Dossari, head of Investment Advisory in the Mena Investments Division at PIF, said.

Gasco specialises in transporting, filling and marketing liquefied petroleum gas (LPG), which consists of butane and propane gases, or butane or propane separately.

Gasco was incorporated in 1963 through the merger of National Gas Company in Dammam and its two branches in Riyadh and Jeddah together with Saudi Manufacturing & Gas Company.

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Indrajit Sen