Public Pension Agency to transfer shares to its investment arm

Saudi Arabia’s Public Pension Agency (PPA) will transfer shares from its investment portfolio to its investment arm Al Ra’idah Investment Co. in order to maximize its return on investments, it said in a statement.

PPA will be transferring its shares in companies including the Company for Cooperative Insurance (Tawuniya), Alinma Bank, National Commercial Bank, Riyad Bank, Sipchem, Saudi Telecom, Sahara, Saudi Cement, Arabian Cement, Tabuk Cement, SAIB, Samba Financial Group, Yamama Cement, Qassim Cement, Pharmaceutical, Eastern Province Cement, Makkah Construction and Development Company, Zamil Industrial, Petrochem, and SIIG.

The move does not mean PPA is selling its assets, it said, adding that it’s only enabling Al Ra’idah to sufficiently manage the investments.

The share transfer will boost liquidity and attract investments which will help support and develop the market, the statement added.