PIF acquires 30% stake in cooling company Saudi Tabreed: Saudi Arabia’s sovereign wealth fund the Public Investment Fund (PIF) acquired a 30% stake in Saudi Tabreed through a private placement, according to a regulatory filing (pdf) to the Dubai Financial Market (DFM) yesterday. Saudi Tabreed is the Saudi arm of DFM-listed National Central Cooling Company Tabreed. The stake PIF is acquiring is estimated to be worth some USD 250 mn, Bloomberg reported, citing sources close to the matter.

Tabreed also upped its stake in Saudi Tabreed by acquiring additional shares from Riyadh-based Almutlaq Group, the filing said, bringing its stake to 21.8% in a transaction worth SAR 55 mn (USD 14.63 mn), according to Bloomberg. Saudi Tabreed is co-owned by Tabreed, Almutlaq, Saudi Arabia’s Vision Invest and IDB Infrastructure Fund II.

About Tabreed: Tabreed provides district cooling services across the GCC region, with 86 plants currently in operation, according to its website. In Saudi Arabia, Saudi Tabreed is the exclusive cooling services provider for the Red Sea Project and has long-term contracts with Saudi Aramco, Reuters notes. It is looking to IPO in the next 2-3 years, we noted yesterday.

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