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Saudi sovereign fund PIF to buy controlling stake in Depa -Breaking

by Mike Robinson

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© Reuters.

DUBAI, Reuters – Saudi Arabia’s sovereign fund the Public Investment Fund has purchased 150 million Dirhams (40.84 Million) in new shares to take control of Depa Plc.

Depa stated that the deal allows the PIF 55% ownership of the company. However, the $480 billion fund could also purchase a warrant instrument which will grant it additional shares as well as a stake in the company of 62.5%. The warrant can be exercised within 18 months.

Reuters, citing anonymous sources, reported that PIF was in negotiations to acquire a controlling interest in Depa.

Saudi Arabia, world’s largest oil exporter, has been developing its tourism industry in response to an economic diversification push made by Crown Prince Mohammed bin Salman. He is also the de facto ruler of the Kingdom.

Nasdaq Dubai-listed Depa has previously completed interior works on the Burj Khalifa and Dubai Atlantis.

($1 = 3.6726 UAE dirham)

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