Saudi Saher planning to offer 30% of its shares to public

Riyadh — The Public Investment Fund (PIF), Saudi Arabia’s sovereign wealth fund, is planning an initial public offering of the traffic-monitoring company which operates Saher system, Bloomberg quoted sources as saying on Wednesday.

Saudi Technology and Security Comprehensive Control Company (Tahakom) is working with Saudi Fransi Capital on the possible sale of a 30% stake.

The company is ultimately owned by the Public Investment Fund.

The shares would list on the Tadawul stock exchange, the sources told Bloomberg.

A final decision hasn’t been made, and the parties may decide not to proceed with the sale or offer a different amount to the public, they said.

The Public Investment Fund is transforming into a major global investor under a economic reform plan known as Vision 2030.

The fund aims to control more than $2 trillion by that date, and currently has assets of about $290 billion. In addition to making international investments, it’s also developing new domestic industries, and privatizing some state-owned firms.

Saher was launched about 10 years ago as a country-wide system to monitor traffic flow through a network of cameras and radar. It also issues fines.

A spokesman for Tahakom confirmed the company was considering an IPO without giving further details.