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The investment will allow Masdar to expand its operations and build strategic partnerships The Public Investment Fund (PIF) has acquired a 30 percent stake in Masdar for Building Materials Company (Masdar), a privately-held company involved in trading and distribution of building materials. The stake purchase will be made by subscribing to newly issued shares through a capital increase. The investment will enable Riyadh-based Masdar to transform its operations through digital technology and improve operational efficiency. In addition, it will allow the company to expand its operations and build new strategic partnerships. Ahmad AlGhamdi, Head of Construction and Building Materials – MENA Investments at PIF said the investment will reinforce local supply chains by unlocking capabilities in the construction and building components and services sector, a strategic one for the sovereign wealth fund. Founded in 1971, Masdar operates 105 branches in 29 cities, according to the company website. |
