Saudi Wealth Fund Sells Mecca Developer Shares For $253 Million

Saudi Arabia’s Public Investment Fund raised about $253 million by trimming its stake in a Mecca-based property developer that’s become the kingdom’s best-performing equity listing this year.

The sovereign wealth fund sold 48 million shares or a 3.3% stake in Umm Al Qura for Development & Construction at 19.80 riyals apiece, a 9.92% discount to the last close. The block trade was handled by Citigroup Inc., SNB Capital and EFG Hermes. Following the sale, the wealth fund’s holding drops to 16.3%, with the remainder subject to a 90-day lockup.