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Saudi Arabia's sovereign Public Investment Fund (PIF) has completed the acquisition of a 30% stake in the Saudi Tabreed District Cooling Co., which provides district cooling systems for some of the largest projects in Saudi Arabia.
The investment will support PIF’s economic diversification goals, “especially in light of the anticipated growth in Saudi Arabia’s district cooling market”, said Yazeed A. Al-Humied, PIF’s Deputy Governor and Head of MENA Investments, in a statement on Sunday.
The acquisition via private placement was first announced in December by UAE National Central Cooling Co., also known as Tabreed.
Neither the company nor the sovereign wealth fund mentioned a value for the stake, but a Bloomberg report in December said the stake was estimated to be worth $250 million.
Last year, UAE's Tabreed also boosted its stake in the Saudi venture to 21.8% after acquiring additional shares from Al Mutlaq Group for Industrial Investments for 55 million Saudi riyals ($14.63 million).
(Writing by Brinda Darasha; editing by Cleofe Maceda)
