Saudi wealth fund builds US$2.4bil stake in food producer

DUBAI: Saudi Arabia’s sovereign wealth fund became the third-biggest shareholder in Almarai Co as it boosts investments at home and abroad.

The Public Investment Fund (PIF) owns 163.2 million shares, or 16.32%, of Riyadh-based dairy farm operator and food processor, according to a regulatory filing that didn’t disclose the identity of the seller. The stake is valued at 9 billion riyals (US$2.4bil) based on Oct 12 closing prices, according to data compiled by Bloomberg.