RIYADH: Saudi Arabia’s Public Investment Fund plans to sell 10 percent of its stake in the Kingdom’s stock exchange operator Saudi Tadawul Group Holding Co. through an accelerated book-building offering.

PIF, which has over $600 billion in assets, is selling 12 million shares in Tadawul Group, according to a bourse filing.

The offering is in line with PIF’s strategy of recycling its capital in order to invest in emerging and promising sectors of the local economy, according to a statement. 

The price per offer share will be determined through an accelerated book-building process that will begin immediately, and the results will be announced on Friday, Nov. 11.

The sovereign wealth fund has hired both HSBC Saudi Arabia and Morgan Stanley Saudi Arabia to act as joint global coordinators, as well as Al Rajhi Capital to act as joint book-runner.