Saudi PIF said to plan IPO of traffic monitoring firm

Saudi Arabia's Public Investment Fund (PIF) is planning an initial public offering (IPO) of its traffic-management firm, Saher, which it owns through Tahakom Comprehensive, Bloomberg reported, citing people familiar with the matter.

Tahakom Comprehensive, also known as Saudi Technology & Security Comprehensive Control Co, is working with Saudi Fransi Capital on the possible sale of a 30 percent stake, the report noted.

The shares would list on the Tadawul, the report said, adding no final decision has been taken on the listing.

A spokesman for Tahakom, however, confirmed the company was considering an IPO without giving further details.

Saher was launched about a decade back as a country-wide system to monitor traffic flow through a network of cameras and radar.