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.