Reuters exclusively reports sovereign fund PIF considers Saudi Telecom stake sale

Reuters exclusively reported that Saudi Arabia’s Public Investment Fund (PIF) is considering divesting part of its stake in Saudi Telecom as the sovereign wealth fund seeks to monetize some of its assets. According to Reuters sources, the sovereign wealth fund has hired Goldman Sachs and the investment banking arm of Saudi National Bank to arrange the transaction. The PIF currently holds a 70% stake, worth about $50 billion, in Saudi Telecom.