Saudi Wealth Fund Said to Hit Weak Demand for Marafiq Stake Sale

From bnnbloomberg.ca

Saudi Arabia’s sovereign wealth fund delayed the potential sale of its remaining stake in a local utility firm after lackluster demand from investors, according to people familiar with the matter. The Public Investment Fund in recent weeks held informal talks about raising as much as $800 million from a share placement of its 17.5% stake in Power and Water Utility Co. for Jubail and Yanbu — known as Marafiq, the people said, asking not to be identified as the information isn’t public. A resurgence in initial public offerings in the kingdom over the past couple of months has diverted investor attention away from ... (full story)