Tahakom is working with Saudi Fransi Capital on the possible sale of a 30 per cent stake.
Wednesday 22, May 2019
(Bloomberg) --Saudi Arabia’s sovereign wealth fund is weighing an initial public offering (IPO) of Tahakom, the Kingdom’s traffic-management firm.
The shares will be listed on the Kingdom’s stock exchange, Tadawul. 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.
The Public Investment Fund is transforming from a domestically-focused holding company into a major global investor under the Kingdom’s economic transformation programme, Vision 2030.
The fund aims to control more than $2 trillion by 2030, and currently has assets of about $290 billion. In addition to making international investments, the PIF is also developing new domestic industries as well as privatising 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.
A spokesman for Tahakom confirmed the company was considering an IPO without giving further details.