PIF is third-biggest Almarai shareholder

Yasir bin Othman Al-Rumayyan, CEO and managing director of Saudi Arabia's Public Investment Fund, speaks at the Bloomberg Global Business Forum, in this Sept. 20, 2017 photo, in New York. (AP)
Updated 18 October 2017
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PIF is third-biggest Almarai shareholder

LONDON: Saudi Arabia’s sovereign wealth fund became the third-biggest shareholder in Almarai as it boosts investments at home and abroad, Bloomberg reported.
The Public Investment Fund owns 163.2 million shares, or 16.32 percent, of Riyadh-based dairy farm operator and food processor, according to a stock exchange filing that did not disclose the identity of the seller.
The stake is valued at about SR9 billion ($2.4 billion) based on Oct. 12 closing prices, according to data compiled by Bloomberg.
The PIF is at the center of Saudi Arabia’s efforts to diversify revenue away from oil under an economic transformation plan known as Vision 2030.
It has announced a number of high profile investments in companies based in the region as well as globally.
The fund is estimated to control more than $2 trillion in assets with about $110 billion in listed Saudi companies, including stakes in companies such as SABIC and National Commercial Bank.
The Savola Group is the biggest shareholder of Almarai, with a 34.5 percent stake, even after it sold shares valued at about SR1.12 billion last month.


Lockheed unveils new F-21 fighter jet configured for India

Updated 20 February 2019
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Lockheed unveils new F-21 fighter jet configured for India

  • The firm said the new plane is tailored to India’s needs
  • A number of airplane manufacturers are competing to win India’s upcoming military purchase

NEW DELHI: Lockheed Martin offered India a new combat jet, F-21, on Wednesday to be made locally, in a bid to win a large military order worth over $15 billion.
The US defense firm had earlier offered its F-16 fighter used by countries around the world for the Indian air force’s ongoing competition for 114 planes to be made in India.
But Lockheed, unveiling the plan at an airshow in the southern city of Bengaluru, said it was offering India a new plane configured for its needs.
“The F-21 is different, inside and out,” Vivek Lall, vice president of Strategy and Business Development for Lockheed Martin Aeronautics, said in a statement.
The company will build the plane in collaboration with Tata Advanced Systems, the firm said.
Lockheed is competing with Boeing’s F/A-18, Saab’s Gripen, Dassault Aviation’s Rafale, the Eurofighter Typhoon and a Russian aircraft for the air force order.