Reported 10 days ago
Saudi Arabia's Public Investment Fund (PIF) has sold a 2% stake in Saudi Telecom for approximately $1 billion to generate cash for the government's economic transformation efforts under Vision 2030. This sale follows a previous reduction of its holdings in Nintendo and highlights the fund's strategy to raise funds amid budget deficits exacerbated by low oil prices. The PIF remains the largest shareholder in the telecom company with a 62% stake.
Source: YAHOO